Last year was a banner year for the biomass power sector in California and nationally. In August, the Inflation Reduction Act, which, among other issues, encourages investing in domestic energy production, primarily clean energy. For the biomass industry, the IRA extends existing tax credits for new biomass power facilities, as well biofuels and funding for biofuel infrastructure development. The act also offers assistance for biogas and biomass electricity production and tax credits for carbon capture and storage (CCS). Overall, the IRA gives the biomass power sector reductions in costs and opportunities to invest in new technologies.
The following month, California Gov. Gavin Newsom signed Senate Bill 1109, which extends requirements on electric investor-owned utilities (IOUs) to procure energy from biomass-generating electric facilities by five years. This law calls on the IOUs to extend existing contracts or procure at least 125 MW of sustainable and renewable power from biomass-generating facilities.
Active Energy Group plc (LON:AEG) is a biomass based renewable energy business focussed on using its proprietary technology to transform low-cost or waste biomass material into renewable biomass fuels, thus creating next generation biomass products. AEG’S CoalSwitch® is a second generation biomass fuel that has been tested, and proven, to replace the traditional coal fired-power industry and existing renewable biomass industry without requiring plant modification.
