Constellation Energy CEO supports EPA proposals to cut power plant emissions
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Constellation Energy (NASDAQ:CEG) strongly supports the Biden administration proposals to limit carbon emissions from power plants, President and CEO Joseph Dominguez said Monday, criticizing opponents who have "failed to offer constructive solutions" and recognize the need to move the power sector toward a carbon-free future.
"I am disappointed to see many of my peers represented by the Edison Electric Institute and others working to block these very practical measures," the CEO said, according to UtilityDive.com.
In May, the Environmental Protection Agency proposed greenhouse gas emissions limits for power plants, with initial requirements beginning in 2030 for coal-fired generators and 2032 for gas-fired units.
The Edison Electric Institute, the top lobbying group for U.S. electric utilities (XLU), says the EPA overestimates the affordability and readiness of carbon capture systems and hydrogen that would be compelled for large natural gas-fired power plants.
Constellation (CEG) has been developing technology that will allow existing gas-fired power plants to comply with the proposed rules, Dominguez said, pointing to a company record set this year by blending nearly 40% hydrogen with natural gas at a 15-year-old power plant in Alabama with only minor modifications.
Dominguez also said he believes advanced nuclear reactors will play a key role in the energy transition, noting that "unlike other technologies that we're kind of gambling on, [such as] sequestration and other things that may or may not work at scale, we've been doing this with nuclear for over 50 years."
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