DUBLIN--(BUSINESS WIRE)--The "Li-ion Battery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global market for Li-ion Battery, estimated at US$46.6 Billion in the year 2020, is projected to reach a revised size of US$127.8 Billion by 2027, growing at a CAGR of 15.5% over the analysis period 2020-2027.
Lithium Nickel Manganese Cobalt (NMC), one of the segments analyzed in the report, is projected to grow at a 17.1% CAGR, to reach US$52 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Iron Phosphate (LFP) segment is readjusted to a revised 14% CAGR for the next 7-year period. This segment currently accounts for a 26.5% share of the global Li-ion Battery market.
The U.S. Accounts for Over 26.9% of Global Market Size in 2020, While China is Forecast to Grow at a 20% CAGR for the Period of 2020-2027
The Li-ion Battery market in the U.S. is estimated at US$12.6 Billion in the year 2020. The country currently accounts for a 26.92% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$29.8 Billion in the year 2027 trailing a CAGR of 20.3% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.1% and 13.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.2% CAGR while Rest of European market (as defined in the study) will reach US$29.8 Billion by the year 2027.
Select Competitors (Total 98 Featured)
For more information about this report visit https://www.researchandmarkets.com/r/6g9akx
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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The Trans-Panama Gateway Pipeline Project would Move Liquified Petroleum Gas Across Panama for Re-Export
PANAMA CITY & DALLAS--(BUSINESS WIRE)--The Republic of Panama and Dallas-based Energy Transfer LP (NYSE: ET) announced today that the parties have signed a Memorandum of Understanding (MOU) to study the feasibility of joint participation in a proposed Trans-Panama Gateway Pipeline project. The non-binding MOU signed yesterday in Dallas by Energy Transfer Executive Chairman Kelcy Warren and Panama President Laurentino Cortizo Cohen would expand Energy Transfer’s international operations into new markets while providing Panama the opportunity to establish itself as a distribution center of petroleum products to markets globally.
Energy Transfer, formed in 1996 is one of the largest and most diversified midstream companies in the United States with more than 90,000 miles of pipelines and associated infrastructure in 38 states and Canada, with international offices in Canada and Beijing.
The project under consideration by the parties includes the development, construction and operation of a terminal on the Pacific side of Panama and another on the Atlantic side connected by a pipeline for the receipt, transportation and export of liquified petroleum gas (LPG) to international markets. Any decisions made by the parties will be based on the outcomes of joint feasibility studies and an economic analysis related to the transportation of LPG in Panama.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
Statements about the offering may be forward-looking statements as defined under federal law. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “intends,” “projects,” “plans,” “expects,” “continues,” “estimates,” “goals,” “forecasts,” “may,” “will” and other similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of ET, and a variety of risks that could cause results to differ materially from those expected by management of ET. Important information about issues that could cause actual results to differ materially from those expected by management of ET can be found in ET’s public periodic filings with the SEC, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. ET undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Media Relations:
Lisa Coleman or Vicki Granado, 214-840-5820
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Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
Company investing in growth through the addition of corporate governance expertise
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced the addition of Joan C. Conley to the Company’s Board of Directors. As a former member of the Nasdaq leadership team, Conley brings expertise as an advisor to public company leadership teams and Boards on the design, development, and execution of corporate governance and ESG programs.
Conley spent nineteen years as Senior Vice President and Corporate Secretary at Nasdaq, Inc. She was responsible for the Nasdaq Global Corporate Governance Program, the Nasdaq Global Ethics and Corporate Compliance Program, and the Nasdaq Educational Foundation. Her investor engagement experience and governance insight have earned her global recognition as a leader in corporate governance and ESG matters, and her passion for entrepreneurial companies culminated in establishing the Nasdaq Entrepreneurial Center. Conley served as Vice President and Corporate Secretary at Nasdaq, Inc.’s predecessor company, NASD (now FINRA), for eight years.
“Joan brings a necessary component of corporate governance to the already strong Tigo Energy board,” stated Zvi Alon, chairman and CEO, of Tigo Energy. “Her leadership and experience are precisely what Tigo needs as we continue to grow in 2021 and beyond.”
“Working with entrepreneurs like Zvi has been my passion for many years,” said Ms. Conley. “Having spent my time at Nasdaq helping hundreds of companies grow, I am ecstatic at the opportunity to help a renewable energy leader, like Tigo Energy, in the areas of shareholder engagement and corporate governance.”
Conley currently serves on the board of EJF Acquisition Corp. (“EJFA”) and earned a BA from Dominican University and an MS from Loyola University of Chicago. She is currently a member of the Society of Corporate Governance Professionals, the Economic Club of Washington D.C., and a founding and former member of the Advisory Board of the Harvard Law School Corporate Governance Forum.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
Media Contact for Tigo
Mike Gazzano
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Designed and built by PowerFlex – an EDF Renewables Company, the system marks the first solar plus storage project in the country for Cox Communications
SAN DIEGO--(BUSINESS WIRE)--#cleanenergy--The solar photovoltaics and battery energy storage project built and serviced by PowerFlex - an EDF Renewables Company is now operating at Cox Communications’ corporate office in San Diego, reducing utility costs and improving sustainability at the Federal Blvd site.
As the first solar plus storage project in the country for Cox Communications, the integrated onsite battery storage, carport and roof-top solar installation combined are projected to offset more than 374 tons of carbon each year, contributing to the more than 657,000 tons of CO2 offset since 2007 by Cox Conserves, Cox Enterprise’s national sustainability program.
Sam Attisha, Senior Vice President and Chanelle Hawken, Vice President of Government and Public Affairs for Cox Communications recently hosted City of San Diego Councilmember Sean Elo-Rivera (District 9) and Councilmember Monica Montgomery-Steppe (District 4) for a tour of the new conservation system.
“I was impressed with Cox’s system at their Federal campus and inspired by the companywide commitment to sustainability,” said Councilmember Montgomery-Steppe.
“Cox Communications’ new energy system installation is a perfect example of the transition to our clean energy future. I look forward to seeing more of these systems installed with the roll-out of San Diego Community Power,” added Councilmember Elo-Rivera.
“Sustainability and driving positive environmental change are core to the way Cox does business. We’re excited our largest California facility is spearheading the use of solar power and battery storage to reduce our carbon footprint in the region,” said Attisha. “This solar project will generate almost 20% of the building energy usage and move us closer to our company’s goals to send zero waste to landfills by 2024 and to be carbon and water neutral by 2034.”
Solar reduces utility costs by decreasing energy consumption while the battery storage shifts the solar generation into the evening on-peak period of expensive power. The storage system will also be used to mitigate spikes in energy usage thereby lowering utility demand charges.
Michael Robinson, Director of Microgrids and Strategic Market Development at PowerFlex commented, “PowerFlex is proud to deliver an integrated solution to Cox Communications to reduce energy costs and lessen their carbon footprint. The project demonstrates PowerFlex’s comprehensive suite of flexible, turnkey solutions to transform any organization into a clean-energy facility.”
The integrated solar and battery energy storage system will employ EDF’s Energy Management System (EMS) using real-time data to perfectly orchestrate all components of the system for optimal results.
Cox has long been committed to renewables, as this project is just one of more than 40 on-site solar generation projects Cox implemented across the country. In addition to the goal of becoming carbon neutral by 2034, Cox also aims to be water neutral by 2034 and achieve its zero waste to landfill goal by 2024. So far, Cox has invested nearly $140 million in more than 400 projects to get there.
About PowerFlex:
PowerFlex delivers commercial and industrial customers a full range of turnkey clean energy solutions: solar, storage, smart EV charging, microgrids, and energy management systems. The Company was founded in 2017 by a Caltech research group who developed a patented Adaptive Load Management (ALM) technology to optimize power consumption across a large network of charging stations. PowerFlex Systems was acquired by EDF Renewables North America in 2019, and consolidated with EnterSolar, a leading commercial solar developer, in 2021 to expand its onsite solar offerings. For more information, visit www.powerflex.com. Connect with us on LinkedIn, Facebook and Twitter.
About Cox Communications
Cox Communications is committed to creating meaningful moments of human connection through technology. The largest private broadband company in America, we proudly serve six and a half million homes and businesses across 18 states. We're dedicated to empowering others to build a better future and celebrate diverse products, people, suppliers, communities, and the characteristics that make each one unique. Cox Communications is the largest division of Cox Enterprises, a family-owned business founded in 1898 by Governor James M. Cox.
Sandi Briner
PowerFlex – an EDF Renewables Company
858-521-3525 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Charla Batey
Cox Communications
949-354-1787 / This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Robotic Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The robotic drilling market is expected to record a CAGR of over 6% during the forecast period.
Companies Mentioned
Key Market Trends
Onshore to Dominate the Market
North America to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2026
4.3 Active Rig Count, till January 2021
4.4 Global Upstream CAPEX Forecast in USD billion, till 2026
4.5 Recent Trends and Developments
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Component
5.2.1 Hardware
5.2.2 Software
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Ensign Energy Services Inc.
6.3.2 Huisman Equipment BV
6.3.3 Drillmec Inc.
6.3.4 Sekal AS
6.3.5 Abraj Energy Services SAOC
6.3.6 Drillform Technical Services Ltd.
6.3.7 National-Oilwell Varco, Inc.
6.3.8 Rigarm Inc.
6.3.9 Automated Rig Technologies Ltd
6.3.10 Nabors Industries Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/sr2p3n
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Charge Ready is the largest utility-run electric passenger vehicle charging infrastructure program in the nation.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Beginning today, businesses, government agencies and other organizations in Southern California will be able to sign up to participate in Southern California Edison’s Charge Ready program, the largest electric passenger vehicle charging infrastructure program in the nation run by an investor-owned electric utility company.
The $436-million program, approved by the state last year, will add approximately 38,000 new electric car chargers throughout SCE’s service area over the next five years.
Through Charge Ready, SCE installs and maintains the supporting EV charging infrastructure while site hosts, who are non-residential SCE customers, typically own, operate and maintain qualified charging stations.
“As SCE is preparing its electric grid to serve the increase in transportation electrification, more charging equipment is needed to give EV drivers and fleet operators the peace of mind that they will be able to charge whenever they want,” said Carter Prescott, SCE director of eMobility and Building Electrification. “Today, we are asking our customers to join with us to ensure that an effective framework is in place for a clean air future for our communities.”
The large-scale program introduced at a virtual event today is modeled after a much smaller pilot that concluded in May, in which SCE partnered with businesses, local governments and other organizations to add more than 2,700 charge ports at nearly 150 sites.
SCE will continue to focus on providing charging infrastructure at workplaces, public parking lots, schools, hospitals and destination centers, with an added emphasis on condominium and apartment complexes.
In the interest of making EV charging available to all Californians, Charge Ready sets a target to locate 50% of the chargers in state-designated disadvantaged communities, or economically-impacted communities that suffer most from the negative effects of air pollution.
In addition to Charge Ready for passenger EVs, SCE launched a program last year for larger trucks, buses and off-road industrial equipment called Charge Ready Transport, which aims to add charging to support at least 8,490 medium- and heavy-duty EVs over a five-year period. The $356 million program is also modeled after the Charge Ready pilot.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
Media Contact: Paul Griffo (626) 302-2255
New families are tailored for demanding applications that require high voltage, high isolation and enhanced shielding from EMI.
HAWTHORNE, Calif.--(BUSINESS WIRE)--Teledyne Relays today announced availability of four new reed relay product families, all offering extremely long life of up to 1 billion cycles, ideal for applications where high reliability is essential. The new product lines complement the already broad array of rugged switching solutions the company has been supplying for more than 60 years.
Reed relays offer a compact and lightweight solution for switching of AC or DC signals. Contacts are hermetically sealed inside a glass envelope which protects them from corrosion. Compared with other mechanical-based relays, reed relays offer low power consumption, low contact capacitance and faster switching speeds.
The new reed relay product families are optimized for different customer demands:
“Teledyne’s new products provide some of the fastest switching times, highest vibration resistance and widest operating temperature ranges available,” said Michael Palakian, Teledyne Relays’ Global Director of Sales & Marketing.
Applications for the new products include radar, telecommunications, automated test equipment, dielectric voltage testing/ Hi-Pot testing, ESD sensitivity testing, and power protection circuits.
Devices are available for ordering and shipment today from Teledyne Relays or an authorized distributor.
ABOUT TELEDYNE RELAYS
Teledyne Relays is Everywhereyoulook™, providing switching solutions for aviation, test & measurement equipment, industrial control, and military & space applications. For more information, visit www.teledynedefenseelectronics.com/relays/
ABOUT TELEDYNE DEFENSE ELECTRONICS
Serving Defense, Space and Commercial sectors worldwide, Teledyne Defense Electronics offers a comprehensive portfolio of highly engineered solutions that meet your most demanding requirements in the harshest environments. Manufacturing both custom and off-the-shelf product offerings, our diverse product lines meet emerging needs for key applications for avionics, energetics, electronic warfare, missiles, radar, satcom, space, and test and measurement. www.teledynedefelec.com.
Sharon Fletcher
Teledyne Defense Electronics
+1 323-241-1623 This email address is being protected from spambots. You need JavaScript enabled to view it.
Joe Cunningham to Serve as Vice President
PITTSBURGH--(BUSINESS WIRE)--GW Ridge, LLC (Ridge), an energy infrastructure solutions provider, announced today the promotion of Joe Cunningham to Vice President of Business Development.
Mr. Cunningham has more than 9 years of experience in cultivating strong relationships with oil and gas industry executives. His areas of expertise include new business development, networking and lead generation, strategic alliances, and sales and marketing campaigns.
Prior to joining Ridge, Joe gained proficiency growing and leading high-performance sales teams for BOLT. He is a graduate of Potomac State College in West Virginia and received training from Dale Carnegie on effective communication and human relations. His key achievements include generating new business opportunities to increase revenue, ramping up productivity in business, and creating and maintaining meaningful business relationships.
Joe has been with Ridge since 2019 where he has since initiated and created countless relationships with clients, as well as generated millions of dollars in sales. He has ensured constant communication with clients to build successful customer relations, maintained company growth, and brought in nonstop revenue for all company divisions. He continues to establish new relationships with Oil & Gas and Renewable Energy companies.
Justin Ballard, COO, states, “Joe has played a huge part in the success of this company. His dedication to Ridge has placed us in front of more customers than we could have ever imagined. Joe’s personality and love of his job is contagious and a major reason why the employees who work around him love coming to work every day. I know Joe will continue to work hard in his new role with our company and play a major role in our future success.”
About GW Ridge, LLC (Ridge)
Ridge is an energy infrastructure solutions provider founded by industry experts using a revolutionary approach designed around partnership and transparency. By creating partnerships, Ridge drives down project costs, produces modernized solutions, improves forecasting, and grants full transparency. Ridge - A new way to midstream. For more information, visit www.gwridge.com.
Kelli Hardin
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724-760-7100
gwridge.com
HOUSTON--(BUSINESS WIRE)--#ESG--Milestone Environmental Services, LLC (“Milestone”), one of the largest independent providers of energy waste sequestration in the U.S., today announced the release of its inaugural Sustainability Report. The report illustrates the company’s profoundly carbon-negative emissions profile, demonstrates its commitment to further environmental, social, and governance (ESG) initiatives, and provides a stark opportunity for our energy company customers to reduce the greenhouse gas (“GHG”) intensity of their operations.
“Since Milestone was founded in 2014, we have innovated, engineered, and built advanced waste management solutions that are simultaneously net negative for carbon emissions and highly protective of soil and groundwater,” said Milestone President and CEO Gabriel Rio. “This inaugural Sustainability Report shares how Milestone’s responsible waste management technology and processes help reduce greenhouse gas emissions and safely reduce the carbon impact of energy companies.”
Highlights from FY20 Sustainability Report:
Rio added, “Milestone’s Sustainability Report highlights the negative impact that mismanaged energy waste can have on the environment. Alternately, it also shares the positive contributions Milestone’s customers enjoy through Milestone’s safe, secure, and reliable energy waste practices. We offer the energy industry an effective, cost-efficient, and environmentally superior way to permanently sequester waste hydrocarbons, reduce GHG intensity, and meet sustainability goals.”
The 2020 Sustainability Report provides a starting point from which Milestone will continue to advance the company’s culture, improve performance, and further integrate important ESG initiatives into its plans for growth. Milestone’s Sustainability Report can be accessed on the company’s website at milestone-es.com.
About Milestone Environmental Services
Milestone is an energy waste sequestration company with assets throughout the Permian Basin and the Eagle Ford Shale. We are the largest independent energy waste sequestration company in the United States, and a key business partner to energy companies looking to reduce their carbon footprint through cost-efficient waste management solutions. Our network of slurry injection sites and best-in-class E&P landfills provides a new avenue for management and sequestration of hydrocarbon-rich energy waste streams. We are committed to protecting the environment and our communities by offering a better way to manage waste and play a key role in a forward-looking carbon agenda. Milestone is a partner in the transition to a sustainable energy future. For more information, please visit milestone-es.com.
Jessica Clements, This email address is being protected from spambots. You need JavaScript enabled to view it.
ORANGE, Conn.--(BUSINESS WIRE)--Today AVANGRID, Inc. (NYSE:AGR) announced that its Board of Directors declared a quarterly dividend of $0.44 per share on its Common Stock. This dividend is payable October 1, 2021 to shareholders of record at the close of business on September 3, 2021.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Investor Contact:
Patricia Cosgel
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203.499.2624
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) announced today a quarterly dividend of 43 cents per share, payable Sept. 1, 2021, to stockholders of record at the close of business on July 26, 2021.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $84 billion of total assets, and approximately 10,300 employees at March 31, 2021. Production excluding Libya averaged 1,488 MBOED for the three months ended March 31, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Dennis Nuss (media)
281-293-1149
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Investor Relations
281-293-5000
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Oregon Wildfire Threatening Energy Imports to California as Heat Wave Continues to Drive Up Energy Demand
Simple Actions Reduce the Strain on the Grid: Pre-cool Your Home Now, and Avoid Energy-Intensive Tasks this Afternoon
SAN FRANCISCO--(BUSINESS WIRE)--With electric transmission lines from Oregon still threatened due to the fast-growing Bootleg Fire and continued hot temperatures in California and throughout the West, the state’s grid operator has issued a Flex Alert for today (Monday, July 12), asking for voluntary conservation from 4-9 p.m.
Californians who conserve energy this afternoon and evening will help stabilize the state’s electric grid and help respond to the uncertainty caused by the heat and the Oregon fire, says the California Independent System Operator (CAISO).
The grid operator’s statewide Flex Alert for Monday asks all Californians to work together and conserve electricity.
The grid operator noted that when Flex Alerts were called on Friday and Saturday, Pacific Gas and Electric Company (PG&E) customers and other Californians significantly reduced their energy use. That allowed the grid operator to avoid or limit possible rotating power outages that can become necessary when demand for electricity outstrips capacity.
The Bootleg Fire more than tripled in size over the weekend. It caused transmission lines to trip off on Friday and again Saturday, limiting electricity flow from the Pacific Northwest to California and other states. Power supplies to the CAISO’s service territory, which covers about 80 percent of the state, have been reduced by as much as 3,500 megawatts because of the fire.
Daytime highs will reach the 108 to 113 degrees today in the hottest Central Valley locations such as Redding, Fresno and Bakersfield, according to PG&E meteorologists. An Excessive Heat Warning issued by the National Weather Service remains in effect across much of the Central Valley and adjacent foothills through tomorrow evening.
Saving energy at home
Here are ways PG&E customers can cut their power use and help keep the lights (and air conditioning) on for everyone:
PG&E’s Demand Response programs offer incentives for business owners and residential customers who curtail their energy use during times of peak demand. PG&E has several of these programs, totaling about 261,000 enrolled PG&E customers.
PG&E’s website includes detailed information on these programs, which allow residential customers and business customers to save energy and money.
PG&E is prepared for this extreme heat and, based on forecasts, doesn’t anticipate issues meeting increased demand for power.
Also, at this time, the grid operator has not indicated that it plans to call for rotating outages. PG&E does not project a need for a Public Safety Power Shutoff due to this weather, but the company’s meteorology team will continuously monitor conditions.
PG&E also urges customers to stay safe during this heat wave. The company funds cooling centers throughout its service area to help customers escape the heat and cool off. To find a center near you click here or call 1-877-474-3266.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
LUXEMBOURG--(BUSINESS WIRE)--CNES, the Luxembourg Space Agency (LSA), the European Space Resources Innovation Centre (ESRIC) and Air Liquide signed a Letter of Intent (LoI) confirming their commitment to work together on developing research and technology (R&T) activities. In the months ahead, the four partners will be pursuing their discussions on research projects encompassing space exploration and in situ resource utilization (ISRU).
Previous multilateral discussions between the 4 partners confirmed a shared interest in working together in areas such as in situ production and storage of oxygen and hydrogen, production and storage of hydrogen energy in space and on the lunar surface, technologies for life support, and the refueling of satellites and launchers in orbit.
“We believe this new collaboration between France and Luxembourg will be instrumental in developing our center and we’re delighted to be working with players like CNES and Air Liquide” said Mathias Link, ad-interim Director of ESRIC.
Based in Luxembourg, ESRIC is unique of its kind and is focusing on the use of Space Resources for human and robotic exploration. It is powered by LSA and the Luxembourg Institute of Science and Technology (LIST), with The European Space Agency (ESA) as a strategic partner.
CNES, LSA, ESRIC and Air Liquide are in discussions to form within the 2022 timeframe joint teams to work on concrete research projects aimed at developing key technologies for in situ production and utilization of gases required to make space exploration more viable in the long term.
Juliette Pertuy
Luxembourg Space Agency
Tel : +352 247-74157
Mobile : +352 621 985 150
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE:HESM) (“Hess Midstream”) announced today that it will hold a conference call on Wednesday, July 28, 2021 at 12:00 p.m. Eastern Time to discuss its second quarter 2021 earnings release.
To phone into the conference call, parties in the United States should dial 866-395-9624 and enter the passcode 7419849 after 11:45 a.m. Outside the United States, parties should dial 213-660-0871 and enter the passcode 7419849. This conference call will also be accessible by webcast (audio only) on Hess Midstream’s website at www.hessmidstream.com.
A replay of the conference call will be available from July 28, 2021 through Aug 12, 2021, by dialing 855-859-2056 and entering the passcode 7419849. Outside the United States, parties should dial 404-537-3406 and enter the passcode 7419849.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investors:
Jennifer Gordon
(212) 536-8244
Media:
Robert Young
(713) 496-6076
Imposters returning to tactics that target customers at their homes following lifting of pandemic restrictions
CHICAGO--(BUSINESS WIRE)--With the gradual lifting of COVID-19 safety restrictions, ComEd and the Better Business Bureau (BBB) of Chicago and Northern Illinois remind customers to be on the lookout for utility-company imposters approaching homes and businesses to steal information and valuables.
“ComEd takes seriously its responsibility to help our customers protect themselves,” said Nichole Owens, ComEd vice president of customer channels. “As residents become more comfortable talking with people outside their household, you can bet that imposters will take advantage of this opportunity to approach people at home in an attempt to steal their personal information, financial information and even their belongings.”
“With summer officially underway and the arrival of warm weather, we get the most reports of scams, including home repair, tree trimming, driveway and, of course, utility scams,” said Steve Bernas, president and CEO of BBB Chicago and Northern Illinois. “We urge consumers to be extremely leery of anyone who knocks at your door or contacts you unsolicited by flyer, phone call or email. We also encourage consumers to do research on businesses and get references before you buy. A great place to start is BBB.org for free reviews and ratings.”
In-person energy-related scams
Utility scams consumers have reported to ComEd and the BBB include incidents of scammers who approach homes or small businesses posing as an employee from ComEd, another utility or a tree service company. They attempt to lure the resident or business owner outside to discuss work that the imposter claims needs to be completed. While the individual is outside, an accomplice will enter the home or business to steal valuables and documents containing the individual’s personal or financial information.
ComEd and the BBB have also learned of individuals visiting home and business owners, then asking for a copy of their utility bill or other personal documents to steal identities or switch the owner’s energy supplier without permission.
Scammers will sometimes call homes and small businesses using a number that appears to be a ComEd phone number. Offenders will also impersonate the names of ComEd and other trusted organizations by creating email addresses or websites that look like the real sites.
Tips to help identify scams
1. ComEd will never come to a customer’s home or business to:
2. ComEd will never call a customer to:
3. To identify an actual ComEd employee or communication, remember:
ComEd urges anyone who believes they have been a target or victim of a utility-related scam to call ComEd at 1-800-EDISON-1 (1-800-334-7661). To learn more, visit ComEd.com/ScamAlert.
BBB also urges anyone encountering a scam to report it to the BBB Scamtracker as a way to alert others and help protect the community. Consumers can also visit the BBB Scamtracker to view the latest scams nationally, right down to their community.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
BBB of Chicago and Northern Illinois is a nonprofit organization that holds businesses to a higher standard and connect consumers with businesses they can trust. We have served both local Chicago and Northern Illinois consumers and trustworthy businesses for over 95 years. We help protect consumers from fraudulent practices in the marketplace and provide an extensive free database for consumers to see business ratings and reviews for research before they buy.
ComEd Media Relations
312-394-3500
Better Business Bureau
312-446-0252
ST. MARYS, W.Va.--(BUSINESS WIRE)--West Virginia Methanol, Inc., today announced that the State of West Virginia’s Department of Environmental Protection has issued the minor source air permit for the construction of the Pleasants County Methanol Plant. This plant will be the flagship plant of West Virginia Methanol’s plans to build additional units throughout the world with low feedstock costs near methanol customers’ facilities.
“The issuance of the air permit is a major milestone in the development of the Pleasants County project,” said Lars Scott, Executive Vice President of West Virginia Methanol. “West Virginia’s abundant supply of natural gas provides a clean feedstock for the project and methanol customers in the region will benefit from lower transportation costs.”
The Pleasants County Methanol Plant will utilize Haldor Topsoe’s MeOH-To-Go™ technology in collaboration with Modular Plant Solutions to convert natural gas to methanol. Haldor Topsoe provides a proven methanol technology and Modular Plant Solutions brings the modular design for the plant, which is fabricated off-site and transported to the site, ensuring minimized on-site construction, shorter commissioning time and savings on upfront capital costs compared to that of world-scale plants. Haldor Topsoe is a world-leader in methanol process technology with over 40 licensed methanol plants around the world.
Methanol is an essential building block for thousands of products and a clean burning liquid fuel alternative. The resins, adhesives, plastics, paints and other products that require methanol as an ingredient are then used to produce things like electric vehicles, charging stations, wind turbine blades, yoga pants, cell phones and space vehicles, just to name a few. As a fuel, methanol is currently reducing global emissions through its use in cars, trucks, buses, ships, fuel cells, boilers and cook stoves.
About West Virginia Methanol:
West Virginia Methanol is a developer of small to mid-size methanol projects in areas with strategic advantages.
About Haldor Topsoe:
Haldor Topsoe is a global leader in supply of catalysts, technology, and services to the chemical and refining industries. Topsoe aims to be the global leader within carbon emission reduction technologies by 2024. By perfecting chemistry for a better world, we enable our customers to succeed in the transition towards renewable energy. Topsoe is headquartered in Denmark and serves customers around the globe. In 2020, our revenue was approximately DKK 6.2 billion, and we employ around 2,100 employees.
West Virginia Methanol
Lars Scott, Executive Vice President
Phone: (304) 973-7260
www.westvirginiamethanol.com
Haldor Topsoe
Svend Ravn, Director, Global Communications, Haldor Topsoe
+45 22 75 43 58
Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.topsoe.com
Largest Solar Project in New Jersey Generates Clean Energy and Provides Environmental Uplift with Native Grasses and Wildflowers
SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America (EDFR) and the Renewable Power business within Goldman Sachs Asset Management (Goldman Sachs) today announced the commercial operation of the Toms River Solar Project, delivering 28.9 megawatts (MW) of clean renewable energy. The project, built on BASF Corporation’s (BASF) property by EDFR in coordination with PVOne and Goldman Sachs, is New Jersey’s largest solar project and the largest solar project built on a Superfund site in the U.S.
The solar array uses a pre-cast ballasted system on approximately 120 acres of the BASF site located on Oak Ridge Parkway in Toms River, NJ, and includes a 27.4 MW grid-connected system and an adjacent 1.5 MW net-metered solar system.
Additionally, EDFR has designed a 5 MW Community Solar project, also to be built on the BASF site, which will provide lower-cost electricity to area residents, with more than half of its output committed to low- and moderate-income subscribers. The Community Solar project is still in the approval process.
The overall project will generate enough clean energy to meet the needs of 5,250 New Jersey homes. This is equivalent to avoiding more than 30,000 metric tons of CO2 emissions annually, which equates to the greenhouse gas emissions associated with driving 6,400 cars for one year.
“We are very excited about the Toms River Solar Project, which successfully reuses brownfield land to develop clean, renewable energy,” said Mark Patterson, Vice President of Environment, Health and Safety at BASF. “This sustainable project highlights BASF’s connections to our communities and the environment by supporting an overall reduction of CO2 emissions while also expanding the site’s native grassland habitat for pollinators and migratory birds.”
The solar array was built with rigorous attention to the environment, with specific considerations made to improve the threatened Grasshopper Sparrow habitat and protect the Northern Pine Snake. Existing paved areas in the footprint of the project were removed and will be replaced with native meadow mix grasses and wildflowers. Additionally, Rutgers University will conduct a 5-year monitoring program to study the ecological uplift of the project.
Nearly one hundred union workers from Laborers Union Local 172, Iron Workers Local 399, Operators Local 825, and Electrical Local 400 participated in the project’s construction.
“We were pleased to work with a full set of project partners including local subcontractors, local and state officials, community groups, the New Jersey Board of Public Utilities, and professionals at Weston Solutions and Giordano, Halloran, and Ciesla,” said Tom Leyden, Senior Director, EDF Renewables Distributed Solutions.
EDFR co-developed the project with PVOne and served as the Engineering, Procurement and Construction contractor for the project. Goldman Sachs acquired the project from EDFR during the construction phase and plans to manage the asset through its useful life.
“This project is a great example of collaboration between private and public sectors, including the New Jersey Board of Public Utilities, NJ Department of Environmental Protection, and the U.S. Environmental Protection Agency, along with BASF, Goldman Sachs, and EDFR,” said Elliott Shanley, Senior Vice President of PVOne.
Michael Conti, a Vice President within the Renewable Power business at Goldman Sachs Asset Management commented, “Goldman Sachs is deeply committed to accelerating the energy transition. As one of the largest owners of solar power in New Jersey, we are grateful that the State continues to support the development of clean energy, particularly on brownfields, such as this project located on the Toms River Superfund site. It has been a pleasure to work with the EDFR team to make this project, the largest operating solar project in New Jersey, a success. We look forward to future collaboration between our organizations as well as a great future relationship with BASF.”
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has approximately 17,000 employees in North America and had sales of $18.7 billion in 2020. For more information about BASF’s North American operations, visit www.basf.com/us. At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 110,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2020. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at http://www.basf.com
About Goldman Sachs Asset Management Renewable Power
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2017, the Renewable Power business within Goldman Sachs Asset Management has sponsored more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. We take a long-term ownership approach to the operations and management of renewable assets with a leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. Follow us on LinkedIn.
About PVOne
PVOne is solar power project development company engaged in the development of grid-scale solar, commercial net-meter solar, and community solar projects throughout the US. We specialize in the critical, early-stage solar development processes that ultimately lay the foundation for the success of each solar project – from site acquisition and system design to interconnection agreements and government approvals. Further information at www.pvone.com.
Sandi Briner, +1 858-521-3525
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) plans to announce its second-quarter 2021 financial results after the market closes on Monday, Aug. 2, 2021.
The company’s second-quarter 2021 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Aug. 3, 2021, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time).
Participants who wish to join the call by phone must register using the following link: http://www.directeventreg.com/registration/event/9217437
A webcast link to the conference call will be provided on Williams’ website. A replay of the webcast will be available on the website for at least 90 days following the event.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
SUNNYVALE, Calif.--(BUSINESS WIRE)--#advancedfission--Oklo Inc. announces the publication of two methodology reports to enable advanced fission reactors to meet regulatory requirements by moving from prescriptive and outdated methods to modern and performance-based methods. Although the existing regulatory framework is based on large, light water reactors, small and innovative advanced fission technologies can utilize these methods to develop their design and analysis and assure safety in a thorough, modern way.
The reports represent a major step forward in several ways. First, they are an essential part of the current Oklo combined license application review currently underway at the U.S. Nuclear Regulatory Commission (NRC). The goal of the first step of the two-step review is for the NRC staff to review the application in relation to these key topics: maximum credible accident (MCA) methodology, safety classification, and quality assurance, in addition to addressing the applicability of the existing regulations. As such, the submission of these reports is a key milestone in the licensing review.
The “MCA Methodology Report” is a companion to the “Performance-based Licensing Methodology Report.” Together, they show how an advanced fission technology assures safety from design and analysis through construction and operation. “While older plants rely on many redundant systems to ensure safety, where many thousands of parts are labeled as ‘safety-related’ and have to be operable in order to assure safety, advanced fission plants often use ‘inherent’ or ‘intrinsic’ safety, such as the physical characteristics of heat conduction. We had to develop an elegant and novel way to identify these inherent safety characteristics as well as a system for labeling and proving them from design through operation,” said Alex Renner, Director of Product at Oklo, who architected much of the methodology.
Second, the NRC is currently working at U.S. Congressional direction to develop a new set of regulations that are specifically intended to better enable new fission and fusion technologies to become licensed. While it is a goal that these regulations allow for different approaches to meeting safety objectives by using risk information and especially by being “performance-based” as opposed to prescriptive, the NRC staff has indicated that they will best be able to allow for approaches that are clearly and publicly documented. Additionally, it is expected that the reports will help to illuminate how a performance-based approach can look in practice, and in fact, distill out the methods within the combined license application that the NRC staff accepted for review last year. "A performance-based licensing methodology, like that presented by Oklo, is necessary for the U.S. commercial entities who are working to bring the promise of advanced fission to market," said Ross Moore, the Director of Regulatory Affairs at Oklo.
Lastly, the reports are expected to serve as a useful tool to boost other novel fission technologies as they consider how they would approach their design, analysis, and licensing paths. It is the intent that these methods are “open-sourced” and available to help technologies get to market to support decarbonization via the deployment of clean, reliable, scalable fission power.
“The NRC oversees the majority of U.S. emission-free power and is one of the most critical government agencies with respect to addressing carbon emissions. The NRC showed that they are willing and able to review new technologies when they docketed the novel Oklo application. It is important to the future of all technologies that this regulatory innovation continues, and it is crucial globally that all emission-free power sources are brought to the table,” said Caroline Cochran, COO of Oklo Inc.
About Oklo Inc.: Oklo Inc. (Oklo) is a California-based company developing clean energy plants to provide emission-free, reliable, and affordable energy using advanced fission. Oklo received a Site Use Permit from the U.S Department of Energy, successfully demonstrated prototype of its metallic fuel, was awarded fuel material from Idaho National Laboratory, and developed the first advanced fission combined license application, which completed acceptance review and was docketed by the U.S. Nuclear Regulatory Commission.
Bonita Chan
Director of Marketing and External Relations
Inquiries: This email address is being protected from spambots. You need JavaScript enabled to view it.
CANONSBURG, Pa.--(BUSINESS WIRE)--Mountain Valley Pipeline, LLC (Mountain Valley), today announced plans that would make it one of the first interstate natural gas transmission pipelines to acquire carbon offsets for its operational emissions. Spanning approximately 303 miles across West Virginia and Virginia, Mountain Valley Pipeline (MVP) was designed to provide cost-effective access to natural gas for use by local distribution companies, industrial users, and power generation facilities in the growing demand markets of the mid-Atlantic and Southeast regions of the United States. With total project work largely complete, MVP is awaiting approval for the remaining construction permits and anticipates utilizing up to 4,000 workers, of which nearly 90% would be represented by union labor, to complete construction and finalize restoration of the right-of-way.
“We understand the sensitivities that surround the blending of large-scale infrastructure projects with environmental protection,” said Diana Charletta, president and chief operating officer of Equitrans Midstream Corporation, operator of MVP. “Equitrans Midstream is committed to aggressively pursuing climate change mitigation and adaptation while also balancing the immediate and increasing need for energy in our country. Today’s announcement represents our team’s latest effort to reduce industry methane emissions and achieve our corporate goal of Net Zero Carbon by 2050.”
Under the plan, Mountain Valley would purchase carbon offsets to make MVP’s operational emissions carbon neutral for the first 10 years of service. These emissions are often referred to as Scope 1 and Scope 2 emissions and include carbon dioxide from engines used to drive compressor stations; methane released during operation; and maintenance of the pipeline, as well as carbon dioxide resulting from generation of purchased electricity. Verified by independent auditors, the offsets are measured in metric tons of carbon-dioxide equivalent and are an important tool for reducing emissions, while balancing the public need for natural gas as an affordable, reliable energy source.
The cornerstone of this plan includes a Virginia methane abatement project, by which Mountain Valley would purchase carbon offsets that are expected to be equivalent to 90% of the greenhouse gas emissions associated with MVP’s operations over a 10-year period. MVP is also pursuing additional greenhouse gas abatement projects in West Virginia, including a substantial effort to address abandoned and orphaned gas wells that are expected to achieve carbon offsets of an additional 10% or more.
Once MVP is placed in-service, Mountain Valley expects to purchase more than $150 million of carbon offsets during its initial 10 years of operations. Through an agreement with a subsidiary of NextEra Energy Resources, the world’s largest generator of renewable energy from the wind and sun, these carbon offsets will be sourced through a methane abatement project in Virginia that is expected to be the largest operating coal mine methane abatement project in the world when it reaches full production in 2023.
The methane abatement project, located at a mine in southwest Virginia near the West Virginia border, will be constructed in phases, with the first phase anticipated to come online in the summer of 2022 and phase two in the spring of 2023. Current mining operations at this facility vent allowable emissions of methane into the atmosphere. The methane abatement project will use an onsite regenerative thermal oxidizer, which will capture methane from the mine and convert it into carbon dioxide and water vapor to significantly reduce climate impact. Upon completion, the Virginia methane abatement project is expected to reduce statewide underground coal mining emissions by approximately 25%.
“Once completed, the methane abatement project is expected to be the largest of its kind in the world,” said Matt Schafer, vice president, Interstate Pipelines, for NextEra Energy Resources. “MVP’s methane abatement plans will bring significant environmental benefits to the Commonwealth of Virginia and the state of West Virginia. Aside from the construction jobs needed to complete the final portion of MVP, most of which we expect to be union jobs, we are also thrilled that our methane abatement project will create additional construction jobs for the region.”
The carbon credits will be verified annually and registered with the nonprofit American Carbon Registry, the first private voluntary greenhouse gas registry in the world. This annual verification and registration will assure compliance with California Air Resources Board standards, which are widely regarded as the most rigorous offset standards in the market today.
In May 2021, the United Nations (UN) released a report on the benefits and costs of mitigating methane emissions.1 The UN urged quick action to reduce global methane emissions stating that “fast and ambitious methane mitigation is one of the best strategies available today to deliver immediate and long-lasting multiple benefits for climate, agriculture, human, and ecosystem health.” Coal mine methane management was cited in the report as one of many strategies utilized to reduce methane emissions.
Upon full implementation of its carbon offset plan, MVP would become one of the nation’s first, large-scale, interstate natural gas transmission pipelines to achieve carbon neutrality for operational emissions. Mountain Valley continues to expand its environmental stewardship and conservation efforts in Virginia and West Virginia and is actively exploring additional strategies for reducing greenhouse gas emissions and protecting sensitive resources, while simultaneously meeting our nation’s critical energy needs.
About Mountain Valley Pipeline
The Mountain Valley Pipeline (MVP) is a proposed underground, interstate natural gas pipeline system that spans approximately 303 miles from northwestern West Virginia to southern Virginia. Subject to approval and regulatory oversight by the Federal Energy Regulatory Commission, the MVP will be constructed and owned by Mountain Valley Pipeline, LLC – a joint venture of Equitrans Midstream Corporation; NextEra Capital Holdings, Inc.; Con Edison Transmission, Inc.; WGL Sustainable Energy LLC; and RGC Midstream, LLC. The MVP was designed to transport clean-burning natural gas from the prolific Marcellus and Utica shale regions to the growing demand markets in the Mid-Atlantic and Southeast areas of the United States. Equitrans Midstream, primary interest owner, will operate the pipeline. From planning and development to construction and in-service operations – MVP is dedicated to the safety of its communities, employees, and contractors, and to the preservation and protection of the environment.
Visit www.mountainvalleypipeline.info
Cautionary Statements
Disclosures in this news release contain certain forward-looking statements that do not relate strictly to historical or current facts and are forward looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of the anticipated timing for completing and bringing to full production the methane abatement project discussed in this news release and ultimate size and scope of such project; the ability of the methane abatement project to generate carbon credits; the progress on construction of the Mountain Valley Pipeline (MVP) and anticipated timing for, and likelihood of, resuming construction activities and completing the MVP; the amount of carbon credits ultimately acquired for purposes of the MVP and sources therefor and duration of the period for which carbon credits are acquired; the ability of Mountain Valley Pipeline, LLC to source offsets other than from the methane abatement project; employment statistics; the ability of Equitrans Midstream Corporation to achieve its goals of mitigating methane emissions and Net Zero Carbon by 2050; the ultimate amount of statewide underground coal mine emissions reduced as a result of carbon offsets purchased from the methane abatement project and the realization of any other environmental benefits; and Mountain Valley Pipeline, LLC’s efforts related to conservation and environmental protection.
The forward-looking statements included in this news release are subject to risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Mountain Valley Pipeline, LLC has based these forward-looking statements on current expectations and assumptions about future events. While Mountain Valley Pipeline, LLC considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and are beyond its control. The risks and uncertainties that may affect the operations, performance, and results of Mountain Valley Pipeline, LLC and the methane abatement project and forward-looking statements include, but are not limited to:
The respective business, financial condition, results of operations and prospects for Mountain Valley Pipeline, LLC and the methane abatement project could suffer if Mountain Valley Pipeline, LLC or the methane abatement project developer, as applicable, do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, their respective facilities and assets on schedule or within budget.
The ability to complete construction of, and capital improvements to, facilities on schedule and within budget may be adversely affected by escalations in costs for materials and labor and regulatory compliance, inability to obtain or renew necessary licenses, rights-of-way, permits or other approvals on acceptable terms or on schedule, disputes involving contractors, labor organizations, land owners, governmental entities, environmental groups, Native American and aboriginal groups, and other third parties, negative publicity, transmission interconnection issues, adverse weather conditions and other factors. Mountain Valley Pipeline, LLC may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede its development and operating activities.
Mountain Valley Pipeline, LLC’s gas infrastructure facilities and other facilities are subject to many operational risks. Operational risks could result in, among other things, lost revenues due to prolonged outages, increased expenses due to monetary penalties or fines for compliance failures, liability to third parties for property and personal injury damage, a failure to perform under applicable sales agreements and associated loss of revenues from terminated agreements or liability for liquidated damages under continuing agreements. The consequences of these risks could have a material adverse effect on Mountain Valley Pipeline, LLC’s business, financial condition, results of operations and prospects. The methane abatement project is similarly subject to operational risks which could affect its ability to generate (or timing for generating) carbon credits.
Uncertainties and risks inherent in operating and maintaining Mountain Valley Pipeline, LLC's facilities and the methane abatement project include, but are not limited to, risks associated with facility start-up operations, such as whether the facilities will achieve projected operating performance on schedule and otherwise as planned.
Mountain Valley Pipeline, LLC’s and the methane abatement project’s respective business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather, as well as terrorism (or threats thereof) and catastrophic events resulting from terrorism, cyber-attacks or sabotage.
Source: Equitrans Midstream Corporation
1 Global Methane Assessment: Benefits and Costs of Mitigating Methane Emissions, May 6, 2021, Available at https://www.unep.org/resources/report/global-methane-assessment-benefits-and-costs-mitigating-methane-emissions
Mountain Valley Pipeline media inquiries:
Natalie A. Cox
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