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Energy Roundup: CO2 Giveaways Hit 69%, Baghdad's Oil Fee Decree, PetroAlgae's Investor Letter, and More

Climate bill compromises mean more carbon emissions allowances -- A large chunk of carbon emissions permits would be given away -- not sold as Obama wanted -- to utilities, natural-gas companies, the auto industry and refiners, under a plan released by the House Energy and Commerce Committee. In 2012, the first year of the program, 69 percent of permits, valued at $55 billion, would be given away under the House version of the bill. Meanwhile, the Chamber of Commerce blasts the House climate bill, calling it expensive, complicated and regulation heavy. [Source: WSJ, ECC, NYT]

Foreign oil producers in Kurdish Iraq won't get Baghdad bucks -- Just in case there was any doubt, Iraq's Baghdad-based governnment made it official and announced foreign companies pumping oil within the autonomous Kurdish region will not be paid from federal revenues. Two companies, DNO and Addax Petroleumhave plans to begin exporting crude oil from Kurdish Tawke and Taq Taq oil fields in northern Iraq. [Source: Rigzone]

PetroAlgae chairman issues letter to shareholders -- On the heels of algae-to-fuel company Greenfuel's demise, PetroAlgae Chairman John Scott set aside some time to issue a letter to shareholders. The letter attempts to ease concerns and tries to drive home an important point: PetroAlgae is different from other algae-to-energy projects. [Source: EarthTimes]

Tennessee ethanol legislation put Valero refining operation at risk -- Valero Energy may close its Memphis refinery if Tennessee lawmakers approve a measure that would require refiners to sell unblended gasoline to wholesalers. Valero -- faced with a $150 million cost to comply with the bill -- could pull out of Tennessee, a move that worries Memphis airport officials who rely on the refiner's fuel. [Source: Memphis Business Journal]

Posideon Resources get OK to build desalination plant on California coast-- A $320 million desalination plant -- a project pursued by Posideon Resources for six years -- received approval from regional water authorities in San Diego. If the plant is successful, experts say more will follow. But as concerns over costs and energy use are raised, some ask if they should be built at all? [Source: NYT, Greentech Media]

Clean coal gets multi-billion-dollar government boost -- Power plants and factories that burn coal will receive $2.4 billion from the Department of Energy in an effort to hasten development of carbon capture and storage technology. Energy Secretary Steven Chu said the funds will come from the economic recovery package. [Source: DOE]

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