05/25/2023 CO2 Pipeline State of Development and Beyond

PLEASE REFER TO THE HEDGE AND TRADE STRATEGY PAGE FOR UPDATES!! Progress never comes easy and so it is for a project the scope of burying CO2 pipelines from IA to ND and IL. There are a lot of moving parts that must be connected and the process is still advancing. There is nothing apparent here in Iowa that would portend failure for the proposed CO2 pipelines. IA Governor Kim Reynolds favors adding CO2 sequestration to the Iowa ethanol industry supply chain. She is a very pro-business Governor and in control of the strings that facilitate these projects. IA Senate legislative leaders did not allow anti-CO2 pipeline bills into the junket so as to give the Governor cover. Otherwise, she would have had to veto them and they spared her the notoriety of such public exposure. This allows her to stay under the radar on what to many is an unpopular position. She also recently appointed 2 new members to the 3 person IUB board so there is no reason that when the T’s are crossed and I’s dotted that the projects will not get IUB approval. They hold their hearings in October. Summit Carbon Solutions has acquired nearly 70%…