Edmonton-based Capital Power Corp. CPX-T says it is no longer pursuing its proposed $2.4-billion carbon capture and storage project at its Genesee natural gas-fired power plant.

The company says it has decided the project is technically viable but not economically feasible.

Capital Power says it may explore carbon capture and storage again in the future as economics improve.

The company has set the goal of achieving net-zero greenhouse gas emissions by 2045.

Alberta’s electricity grid is heavily dependent on natural gas, and many analysts believe that offsetting those emissions will require a mix of wind and solar, hydrogen, nuclear power in the form of small modular reactors, and carbon capture and storage in the future.

In January, Capital Power said it will partner with Ontario Power Generation to assess the feasibility of developing small modular nuclear reactors to help power Alberta’s electricity grid.