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BP, GE to Develop Hydrogen Plants

July 19, 2006|From Bloomberg News

BP and General Electric Co. said Tuesday they had agreed to develop fossil-fuel-fed power plants in California and Scotland that bury carbon dioxide underground to reduce emissions.

The two companies said they might form a venture to build as many as 15 power plants in the next decade, including those previously announced in Carson in Los Angeles County and Peterhead, Scotland.

BP, based in London, and GE, based in Fairfield, Conn., will jointly develop and build hydrogen power projects to reduce emissions of carbon dioxide, a greenhouse gas blamed for global warming.

In one approach, the projects will strip the carbon dioxide from fossil fuels and pump it into oil and gas fields, curbing output into the atmosphere, where it prevents heat escaping into space. The remaining hydrogen can be used to make power.

"Tomorrow's energy mix will include hydrogen, and GE and BP are taking the lead in ensuring progress begins today," said David L. Calhoun, vice chairman of GE.

BP said last year it would invest $1.8 billion over three years on solar, wind, hydrogen and carbon sequestration, focusing on new technologies that can replace oil- and gas-based generation, which accounts for more than 40% of man-made greenhouse gas emissions.

In January, BP said it had identified at least 30 sites around the world for carbon-capture power stations.

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