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Colorado’s Energy Industry Today’s Impact, Tomorrow’s Opportunities

Colorado’s Energy Industry Today’s Impact, Tomorrow’s Opportunities. Presented at IPAMS Lunch and Learn May 27, 2008 by Dag Nummedal Colorado Energy Research Institute Colorado School of Mines, Golden, CO 80401. CERI. Total Economic Contribution for Oil and Gas

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Colorado’s Energy Industry Today’s Impact, Tomorrow’s Opportunities

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  1. Colorado’s Energy Industry Today’s Impact, Tomorrow’s Opportunities Presented at IPAMS Lunch and Learn May 27, 2008 by Dag NummedalColorado Energy Research InstituteColorado School of Mines, Golden, CO 80401 CERI

  2. Total Economic Contribution for Oil and Gas Activities in Colorado (all #s for 2005)

  3. Contribution of the Oil and Gas Industry to State’s Economy

  4. Total Economic Contribution for Individual Basins ND = Non Disclosure Note: sum is less than total statewide economic impact

  5. Business Taxes to State and Local Government 1These taxes include motor vehicle licenses, other taxes, and state and local non-taxes as defined in 3.1 and estimated by IMPLAN. These taxes do NOT include sales, property, severance taxes or other taxes such as corporate income taxes, dividend taxes, social insurance taxes, and household income and personal taxes. 2These are taxes derived from the portion of the extraction industry that is not directly associated with oil and gas production: the Colorado extraction industry that supports operations in areas outside Colorado. 3These business tax payments are based on the analysis provided in 3.1. The direct business tax is the amount paid by the extraction industry to State and local governments. The indirect and induced tax payments are taxes estimated through IMPLAN as a result of this indirect and induced economic activity.

  6. Most Common Questions Why was it done? Mandated by Senate Bill 05-66: CERI was directed to ‘collect primary data on the economic impact of energy industries, emphasizing oil and gas’ and make the results available in the public domain. Where did data come from? Much of the primary data are not available in the public domain. The report’s primary authors conducted a series of extensive interviews in place. Has a similar study been done before? First ever comprehensive study of the State’s energy industry. It is a useful benchmark; serve as a model for future assessments of other growing sectors of Colorado’s economy, including other energy sectors such as renewable energy, power generation and others. In addition to the value of the product, are there other benefits? The State also benefits greatly from the fact that Denver is a regional hub for the oil and gas industry. Revenues from those services then stay in our State. What is the value of the report moving forward? This report provides a pathway for ‘quantification’ of the impact on the State’s well-being by one very important component of our complex natural resource-based economy.

  7. Produced and Written by Lisa A. McDonald, Ph.D. Holly Wise Bender, Ph.D. Eric Hurley Sheri Donnelly @ Booz Allen Hamilton and David ‘Tex’ Taylor University of Wyoming Department of Agricultural and Applied Economics Reviwers Owen Phillips, Ed Ballistreri, Bruce Cartwright, Greg Schnacke, Jerry Boak, Dag Nummedal This report is available electronically at www.ceri-mines.org Colorado Energy Research Institute Colorado School of Mines

  8. The Colorado Energy Research Community Colorado universities and Federal, State and Private ENRGY research funding groups have established strong working partnerships State provides support through start-up and matching funds (CERI, CREC) Business organizations are on board – IPAMS (in RPSEA), COGA, Colorado Forum, Metro Denver Econ Development Council; many others Colorado Energy Centers and Programs (* new since 2005) Co-produced water (DOE – PRB, completed; new regional under RPSEA (Drewes and Cath) Reservoir characterization project (CSM consortium,. Davis) Center for wave phenomena (CSM consortium, Tsvankin, Snieder) FAST consortium (fractures…, Miskimins) *Reservoir connectivity (engr., geophysics, geology) – RPSEA (Nummedal) *Clean coal (CSM Congressionally directed project; Parker) *Carbon management (capture, sequestration, trading; Nummedal; CREC) *Geothermal (very small start-up) *Oil Shale (JIP, Boak) *C2BC (biofuels and biorefining, CREC, Weimer) *CRSP (solar PV, CREC, ) *CREW (wind, CREC) *Solar TAC (solar energy systems engineering) *Energy Efficiency (CREC) *Energy Education (CREC) Future links with ConocoPhillips new “global research and education center”?

  9. Colorado Photovoltaic Companies ITN Energy (Global Solar) Primestar Solar Ascent Solar MVSystems ADA Technologies AVA Solar Industrial Solar Technology PV Technologies MVSystems flexible Si solar cell

  10. Solar Energy Potential Current global energy generation: 13 TW Projected increase by 2050: +30 TW One large nuclear/large coal plant: 1 GW Provide 30 GW by such plants would entail building TWO such plants per DAY (worldwide) Theoretical: 1.2x105 TW solar energy potential Practical: ≈ 600 - 1500 TW solar energy potential (depending on land fraction etc.;) Modified from Nathan Lewis, 2003

  11. Future 2: National Academy of Engineering Grand Challenges, February 2008

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