The federal government has awarded a $417 million tax credit to The Taylorville Energy Centre (TEC) for its bituminous coal project. This is believed to be largest investment tax credit granted for a single project.
The credit was granted after the Department of Energy (DOE) conducted a feasibility study which confirmed that the project can capture at least 65% of the emitted carbon dioxide.
The DOE subsequently ranked TEC the cleanest coal-powered commercial power plant, which paved the way for the substantial tax credit.
"Over the next several months, Tenaska [managing partner for the TEC] will be working through a number of issues to confirm the project's ability to take advantage of the awarded tax credit," said Bart Ford, vice president for Tenaka, in a statement.
