Partners in a $1.4-billion carbon capture and storage project in Alberta have pulled the plug on it, saying the economics around the technology are too poor to go ahead.
TransAlta Corp., Canada's largest investor-owned power generator, said industry partners Capital Power Corp. and Enbridge decided not to proceed with the Pioneer project after running front-end engineering and design studies.
"The industry partners determined that although the technology works and capital costs are in line with expectations, the revenue from carbon sales and the price of emissions reductions are insufficient to allow the project to proceed at this time," TransAlta said in its first-quarter results.
The project was made possible through $779 million in federal and provincial funding over 15 years, part of moves by Ottawa to reduce carbon emissions, credited with global warming.
$779 million of Canadian taxpayers´ money wasted on a totally useless project!
It would be interesting to know the amounts of money already been spent on similar projects globally.