During a 14-minute meeting Monday night, the Odessa City Council approved a $2.4 million grant for a carbon capturing facility, a $25,000 facade grant and agreed to pass a resolution regarding Oncor’s rate increase proposal.
Oncor announced May 13 it intends to increase its rates in all cities it provides electricity to by a total of $251 million beginning June 17. Residents would see an increase of 11.2% and street lighting rates would increase by 1.6%.
The council passed a resolution asking Oncor to suspend the rate increase, therefore giving a steering committee made up of multiple cities a chance to review the increase for 90 days. According to city officials, the steering committee was able to get Oncor to reduce a proposed $98 million increase last year to $87 million.
The council also approved a $2.4 million grant to Occidental Petroleum and its partners, which plan to build a $810 million facility near Penwell that will remove 500,000 tons of carbon dioxide directly from the air. The plant will be the world’s largest direct air capture project.
Once the carbon dioxide is captured, the company, 1PointFive, will solidify it, store it and sell it. The company anticipates hiring a total of 125 employees over a five-year period resulting in a payroll nearing $23 million at the end of that time period.
In other matters, the council agreed to give PAR II, an architectural and construction firm, a $25,000 grant for a new facade on its Grant Avenue building.
