Dan Rice Buys Co. that Builds Zero-Carbon Gas-Fired Electric Plants
The Rice boys–Dan, Toby, and Derek–have done it again. Yesterday, the Rice boys’ second publicly traded shell company (or SPAC), called Rice Acquisition Corp II, announced it is acquiring NET Power–an electric power developer with revolutionary new technology to capture every last molecule of carbon dioxide from natural gas-fired power plants. The deal values NET Power at $1.46 billion. Existing shareholders, including Occidental Petroleum, Constellation Energy, and Baker Hughes, will roll their existing equity into a new public version of the company. Both the Rice boys and Oxy will contribute another $100 million in equity each. When the deal is done, the current CEO of NET will retire, and Dan Rice will take over as CEO.
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Yesterday the Pennsylvania Dept. of Environmental Protection (DEP) issued a notice of violation (NOV) to Shell Chemicals Appalachia, LLC (Shell) for exceeding its rolling 12-month total emission limits of volatile organic compounds (VOCs), which happened during the commissioning of its cracker plant facility in Beaver County. Shell is limited by state permits to 516.2 tons of total emissions of VOCs over a rolling 12-month period. It had 521.6 tons by the end of September and 662.9 tons of VOCs by the end of October. The emissions are associated with the initial startup of the facility and (hopefully) won’t happen again.
Hydrogen energy is the new savior that will keep the world from toasting itself out of existence. So goes the current faddish meme. But not just any old hydrogen (or H2) can be used. No, no, no! Hydrogen has to be “low carbon” hydrogen (i.e. produced by means that is low or no-carbon), or it is persona non grata. It reminds us of when “low fat” was all the rage in diets–until it wasn’t. But we digress… The Open Hydrogen Initiative (OHI) was convened earlier this year to measure and map the emissions footprint of “clean” (low or no-CO2) hydrogen. Earlier this week, a number of prominent energy companies joined OHI, including EQT, the largest natural gas producer in the U.S. (focused 100% on the Marcellus/Utica).
With today’s companion story about EQT joining the Open Hydrogen Initiative (EQT Joins Open Hydrogen Initiative Aimed at Producing Low-CO2 H2), and with all of the ongoing hype about hydrogen energy, we thought it prudent to bring you a splash of cold water to the face with respect to hydrogen. Is it the great energy savior? We spotted an excellent article (below) from someone who loves hydrogen energy and is a true believer in global warming hoo-ha. Yet he points out the hydrogen emperor has no clothes. We can make all of the gray, blue, green, and pink hydrogen we want, but the fact remains there’s no demand for it! Do you think hydrogen is ready to heat your home, cook your food, or power your car? Think again.
Earlier this week, MDN brought you news of a new vision from CNX Resources CEO Nick DeIuliis called “Appalachia First” (see 
New analysis by S&P Global Commodity Insights finds higher natural gas prices have made methane capture projects increasingly economic, potentially unlocking vast amounts of new supply while lowering overall emissions. The analysis, funded in part by the Environmental Defense Fund (EDF), an anti-fossil fuel organization, says projects that capture and commercialize vented, fugitive, and flared methane are now cost-effective, given the high price of natural gas. In general, we agree.
MARCELLUS/UTICA REGION: Murrysville holds public hearing for 2nd fracking well on Plum border; NATIONAL: LNG supplier New Fortress surges after 3,000% dividend boost; New solution injects tracers into perforating clusters prior to fracturing; More Biden oil and gas restrictions are on the horizon; House Oversight Committee puts political agenda above energy security; INTERNATIONAL: HSBC to stop funding new oil and gas fields as part of policy overhaul.