Colstrip is one of the largest power plants in the West. It faces an uncertain future because of the large amounts of pollution it emits.
Bullock's office says U.S. Department of Energy representatives will present an analysis on capturing carbon dioxide from one of Colstrip's four generating units.
The carbon dioxide could be used in oil production to increase the amount of oil pumped from underground reserves.
A key question will be the cost effectiveness of any proposal.
A 2008 analysis from the power plant's operator said it could cost up to $900 million annually to capture and store carbon dioxide from Colstrip.