Virtual event announces the opening to traffic as of Monday, Oct. 5
LONG BEACH, Calif.--(BUSINESS WIRE)--#LongBeach--A sparkling parade of green trucks, a dramatic vintage aircraft flyover and fireboat sprays christened today’s ceremonial opening of the new bridge at the Port of Long Beach, reaffirming the region’s importance to international shipping and heralding in an iconic structure that dramatically shifts the Southern California skyline.
Long Beach Mayor Robert Garcia dedicated California’s first cable-stayed bridge for traffic, a 515-foot-tall, two-tower span that provides an important starting point for national cargo movement and a much-improved transportation link for commuters in coastal communities of Los Angeles and Orange counties.
The six-lane, nearly 2-mile-long bridge is scheduled to open to traffic Monday morning, marking the end of a nearly 10-year, $1.47 billion effort to replace the 52-year-old Gerald Desmond Bridge, which was too narrow and too low to accommodate today’s roadway cargo traffic demands and the larger cargo ships that began arriving at the Port of Long Beach years ago. While the Port of Long Beach is big ship ready, the lower Desmond Bridge was nearing its expected lifespan, and needed to be replaced to provide a long-term, reliable connection to Terminal Island. More than 15 percent of the nation’s imported container cargo travels over this bridge route.
“This is a historic day for our city and for the nation,” said Mayor Robert Garcia. “We know that this project is a phenomenal marvel of architecture and infrastructure. It connects our Port and the world to each other. All of the commerce that we depend on will go over this bridge — connecting Long Beach to the rest of the country.”
Today’s virtual and socially distanced ceremonies, while physically closed to the public because of COVID-19 restrictions, were broadcast live via social media and included taped greetings from more than a dozen top elected representatives, local labor leaders and funding partners. The new bridge was jointly funded by the Port of Long Beach, Caltrans, the U.S. Department of Transportation and Los Angeles County Metropolitan Transportation Authority (Metro).
“This new bridge is another major milestone in the Port’s ongoing commitment to remain the most advanced and most competitive port in the world,” said Mario Cordero, Executive Director of the Port of Long Beach. “It is much more than a convenient roadway. It is a critical link in the global movement of cargo. It is a bridge to everywhere.”
The bridge serves one of the largest port complexes in the world. More than 2.5 million jobs throughout the U.S. are related to the Port of Long Beach. Every year, the Port handles cargo valued at more than $170 billion.
“The Port of Long Beach is all about providing a modern, thriving port complex that means good-paying jobs for thousands of people in Long Beach and Southern California,” said Frank Colonna, President of the Long Beach Board of Harbor Commissioners.
The new bridge, which will be named later through state legislation, will eventually include a bicycle and walking path that brings visitors to a 205-foot-high view of the Southern California coastline. Announcements on the expected opening of the Mark Bixby Memorial Bicycle Pedestrian Path, named in honor of the late bicycle advocate, will be made at a later time.
Construction of the new bridge has been monitored extensively around the world by engineers and bridge designers since conception and featured on the Science and Discovery channels as well as countless news stories.
“The opening of the bridge is the result of hundreds of thousands of hours of work from skilled craftsmen, engineers, designers, and project managers,” said Bob Schraeder, project manager for SFI*, the bridge contractor. “We all rejoice in the accomplishment of completing THE signature bridge for Southern California, which in addition to being used by the Port of Long Beach for the transport of goods, will be a monument for our children and grandchildren and will serve many generations to come.”
With the highest deck of any cable-stayed bridge in the United States, the new bridge is designed to last 100 years with minimal maintenance and considered one of the most seismically advanced structures in the country. The bridge includes German-design joints at each end of the main span that move up to six feet in three directions during a very strong earthquake. These joints, large dampers, and other features are designed to provide flexibility and elastic points of isolation that enable bridge segments to move independently without casing significant damage to the bridge’s primary superstructure.
The new bridge features 18 million pounds of structural steel, 75 million pounds of rebar and 1.7 million feet of cable – all American-made steel. If laid end-to-end, the cables would stretch about 322 miles – longer than the distance from Long Beach to Las Vegas.
The livestreamed commemoration featured a coordinated procession via land, sea and air highlighted by a “first drive” over the bridge led by 30 low- and zero-emissions cargo trucks representing the Port’s terminals and major shipping lines and 34 classic cars highlighting the 109-year history of the Port. The procession included the debut of Volvo’s battery-electric heavy-duty cargo truck that, along with other truck manufacturers building the latest zero- and low-emission vehicles, will help the Port of Long Beach achieve its clean air goals by 2035.
The ceremony also included a five-plane formation of the Torrance-based Tiger Squadron — historic warplanes offering a tribute to the Port’s prior legacy as a major U.S. Navy base — as well as a boat parade led by water-spouting fireboats, police boats, tugs and other vessels from state and federal agencies.
The project began in 2013 with a complex operation to clear obstructions from the new bridge’s path, including nearly two dozen active and abandoned oil wells buried deep in the soil. The new bridge required a massive foundation, given there is no bedrock near the surface. Crews drilled and constructed 352 8- and 6-foot diameter concrete and rebar piles that were nearly 180 feet deep. The right-of-way work also required realigning large underground utility lines — a process that sometimes required freezing the ground to prevent intrusion from the groundwater table — as well as overhead power lines.
From the foundation rose 100 columns to support approach lanes and the two signature towers. Construction of the approach spans involved the first-ever use of two massive movable scaffolding systems – self-advancing machines that provided workers a safer road-construction environment and reduced completion times.
With 80 cable strands holding the center span and column-supported approach lanes featuring more efficient ramps and turning lanes, the new bridge will provide a seamless, efficient transition to and from the southern terminus of the 710 Freeway at the east end of this major transportation link, and an integrated connection to State Route 47 and Terminal Island at the west end. The project features California’s first-ever “Texas U-turn,” a non-signaled undercrossing that enables continuous travel for trucks and cars.
Today’s broadcast, which included video segments on how the bridge was built, was hosted by Dr. Noel Hacegaba and Richard Cameron, deputy executive directors for the Port of Long Beach.
Speakers. Presented today via pre-taped remarks. Available for viewing via the project YouTube page. Speakers included: California Lt. Gov. Eleni Kounalakis; CA Secretary of Transportation David Kim; Caltrans Director Toks Omishakin; Vincent Mammano, California Division Director for the Federal Highway Administration; U.S. Rep. Alan Lowenthal; CA state Senator Lena Gonzalez; CA state Assemblymember Patrick O’Donnell; Los Angeles County Supervisor Janice Hahn: Los Angeles Mayor and Metropolitan Transportation Authority Chair Eric Garcetti; International Longshore and Warehouse Union Local 13 President Ramon Ponce de Leon; California Transportation Commission Chair Hilary Norton; and, Executive Secretary of the Los Angeles-Orange Counties Building and Construction Trades Council Ron Miller.
*SFI: Shimmick Construction Co. Inc; FCC Construction Co. S.A. (Spain); and Impregilo S.p.A (Italy), a joint venture.
Media Contacts:
Denis Wolcott, Westbound Communications, (213) 200-1563 (cell), This email address is being protected from spambots. You need JavaScript enabled to view it..
Lee Peterson, Port of Long Beach Media Relations Manager, (562) 283-7715, (562) 519-2177 (cell), or This email address is being protected from spambots. You need JavaScript enabled to view it..
Hot Temperatures Will Tax the Grid so PG&E, Other Utilities Asking Customers to Conserve During Peak Hours
SAN FRANCISCO--(BUSINESS WIRE)--With hot temperatures forecast for today (Thursday, Oct. 1), the state’s grid operator has called for afternoon and evening energy conservation throughout California as one way to make sure that the supply of power stays ahead of demand.
The Flex Alert, called by the California Independent System Operator (CAISO), has been issued for today from 3 p.m. to 10 p.m. With high temperatures in the forecast, the grid operator is predicting an increase in electricity demand, primarily from air conditioning use. Reduced capacity, along with fire activity and heat, has led to a potential shortage of energy supply this evening, CAISO says.
CAISO says wildfires are threatening transmission lines across the state, and in fact, generators that were taken offline several weeks ago due to wildfires have not returned to service. Smoke from wildfires is adding forecast uncertainty and has the potential to reduce solar power production as the weather pattern changes over the coming days, according to CAISO.
This statewide Flex Alert asks everyone to work together and conserve.
Saving Energy at Home
Here are five ways PG&E customers can cut their power use and help keep the lights (and air conditioning) on for everyone:
Saving Energy at Your Office or Business
If you’re working in an office setting, CAISO recommends the following:
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. About 261,000 PG&E customers are enrolled in one of these Demand Response programs. PG&E’s website includes detailed information on these programs, which allow residential customers and business customers to save energy and money.
Customers can actively help by shifting energy use to morning and nighttime hours. Conservation can lower demand and reduce the duration of possible power interruptions. In August, when California experienced its first rotating outages in two decades, conservation limited the effects to two nights rather than three or four. And, similarly, conservation over the very hot Labor Day weekend prevented the need for rotating outages.
PG&E’s meteorologists say that a high-pressure system remains anchored over the state. Daytime high temperatures today will top out in the upper 90s to low 100s across the interior and throughout much of the intermediate and inland Bay Area with upper 80s to low 90s near the coast. Cooler weather returns over the weekend as high pressure breaks down with near-normal temperatures along the coast and around the Bay Area, but remaining slightly above-normal farther inland
Northwest winds will increase after midday and peak this afternoon and evening reaching 10-20 mph with gusts 25-30 mph over elevated terrain extending from Humboldt County to the Central Coast before diminishing overnight. PG&E does not project a need for a Public Safety Power Shutoff due to this weather, but conditions will be continuously monitored.
PG&E is prepared and, based on forecasts, doesn’t anticipate any issues meeting the increased demand for power. At this point, CAISO has given no indication that it will call for rotating outages.
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 one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and pge.com/news.
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LONDON--(BUSINESS WIRE)--#GlobalOffshoreDrillingMarket--Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
This Report Addresses:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44563
Frequently Asked Questions-
The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. The growth in demand for oil and natural gas will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Offshore Drilling Market 2020-2024: Segmentation
Offshore Drilling Market is segmented as below:
Offshore Drilling Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:
This study identifies seizing of funding for E&P activities by World Bank as one of the prime reasons driving the offshore drilling market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Offshore Drilling Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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NEWCASTLE, Australia--(BUSINESS WIRE)--SwitchDin, an Australian energy management software company, has been retained by distribution networks, SA Power Networks and AusNet Services, to provide a global-first solution that will allow networks to create flexible solar export limits to accommodate the growth of rooftop solar photovoltaic (PV) systems that are connected to the grid.
The installation of PV systems is growing at a rate of more than 200,000 each year in Australia’s National Electricity Market (NEM), and distribution networks are reaching the limit of their ability to host rooftop solar in some areas. This flexible export capability will allow SA Power Networks and AusNet Services to offer an alternative to the strict export limits currently required to address these challenges, increasing the penetration of renewable energy, creating more value for customers and improving the security of the grid.
The project is backed with over A$2 million in direct funding by the Australian Renewable Energy Agency (ARENA), with additional financial contributions from SwitchDin, SA Power Networks, AusNet Services and inverter manufacturers involved in the program. A 12 month trial involving a group of 600 customers in South Australia and Victoria will test the viability of this approach so it can be offered as a standard service to solar customers in future.
SwitchDin will lead in the project’s integration architecture design and will provide the core software platform for SA Power Networks and AusNet Services to support the flexible export functionality, based on the international ‘Smart Grid’ standard IEEE 2030.5. The flexible export capability will be enabled for solar inverters through connection to SwitchDin’s Droplet controller devices, or by connection via the internet into SwitchDin’s IEEE 2030.5 utility server platform.
Dr Andrew Mears, CEO of SwitchDin said, “SwitchDin is proud to be developing the technology backbone of the Flexible Exports project in South Australia and Victoria. This is another example of how we are working with Australia’s most progressive network service companies and the world’s best inverter manufacturers to bring smart software solutions to maximise the value of distributed energy resources such as rooftop solar for consumers and energy service providers alike.
“SwitchDin’s goal is to deliver smarter and cheaper clean energy services on the grid for the benefit of everyone. In the Australian market, the pressing issue is high penetration of rooftop solar, but our platform can also support battery storage and key loads such as heat pumps and electric vehicles as part of a complete ‘energy flexibility’ toolkit.”
“We want more solar, not less,” said Paul Roberts, Manager Corporate Affairs at SA Power Networks. “SA Power Networks is passionate about supporting South Australia’s energy transition and we have a number of initiatives underway that have the potential to double the amount of renewable energy the SA electricity distribution network can accommodate over the next five years.”
“By working with SwitchDin and the other project partners, SA Power Networks and AusNet Services are paving the way for distribution networks to continue to host the rooftop solar systems being installed by customers whilst reducing the need for major investment in network upgrades. This is a winning value proposition for energy distribution network companies globally who are grappling with how to meet customers’ expectations to be more energy independent.”
Building on past successes
SwitchDin solves one of the great roadblocks faced by today’s electricity system, the management at-scale of many distributed energy resources such as small-scale solar, batteries and loads like electric vehicles and HVAC systems. The company’s technology bridges the gap between traditional energy utilities, manufacturers and energy end-users by bringing rich data, intelligence and real-time fleet control capabilities to these assets.
In addition to the Flexible Exports project, SwitchDin is actively working with utilities and equipment manufacturers from around the world to build the grid of the future. The company connects and manages distributed assets with its Droplet controllers and smart software and provides cloud-level orchestration using its StormCloud management platform. SwitchDin can connect with upstream third party and utility distribution management systems or energy trading tools to ensure a smooth transition to clean and affordable electricity.
Note to Editor: Hi-res images can be downloaded here.
About SwitchDin:
SwitchDin is an energy technology company that plays a critical role in the energy transition by making distributed energy resources (DERs) such as solar PV and battery storage smart, visible and controllable. SwitchDin is paving the way for the integration of more renewables into the world’s energy system. Working in collaboration with energy utilities, equipment manufacturers, technology providers and facility managers, SwitchDin’s virtual power plant and microgrid management platform delivers new partnerships that unlock value for everyone connected to the grid. www.switchdin.com
James Martin
+61 478 587 396
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Gabriel Wong / Olivia Smith for SwitchDin
+61 432 177 005 / +61 402 044 811
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HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Time (ET) on Thursday, November 5, 2020 to discuss third quarter 2020 earnings. The company plans to release its financial and operating results before the market opens that morning.
A webcast link and related presentation material will be included on the Investors page of the company’s website at http://ir.murphyoilcorp.com.
Date: Thursday, November 5, 2020
Time: 9:00 a.m. ET
Toll Free Dial-in: 888-886-7786
Conference ID: 19218031
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. It challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE: FTI) (PARIS: FTI) (ISIN:GB00BDSFG982) announces today that Margareth Øvrum, Executive Vice President of Equinor ASA, Development and Production Brazil, has been appointed to its Board of Directors, effective October 1, 2020.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated “I am delighted to welcome Margareth to the Board. She brings proven business leadership and a global perspective gained in board and executive positions of international public companies. Margareth’s extensive knowledge of projects, technology, health and safety, sustainability, and digital transformation will be invaluable as we continue to expand our capabilities. Margareth will deeply complement our Board of Directors, strengthening the Board’s range of aptitude and expertise.”
About Margareth Øvrum
Ms. Øvrum, 62, has over 38 years of experience at Equinor (formerly Statoil), a Norwegian energy company, currently serving as Executive Vice President of Equinor ASA, Development and Production Brazil. Ms. Øvrum will retire from Equinor as of January 1, 2021. Ms. Øvrum has held a succession of leadership positions at Equinor, including President, Equinor Brazil, from 2018 to 2020; Executive Vice President of Technology, Projects, and Drilling, from 2011 to 2018, Executive Vice President of Technology and New Energy for Statoil Hydro, from 2007 to 2011, Executive Vice President of Technology and Projects, from 2004 to 2007, and Executive Vice President of Health, Safety, and the Environment, during 2004. Ms. Øvrum is currently on the Board of Directors of FMC Corporation. She previously served on the Boards of Directors of Alfa Laval AB (2015 to 2019), Atlas Copco AB (2008 to 2017), and Ratos AB (2009 to 2014). Ms. Øvrum holds a Master of Science degree in Technical Physics from the Norwegian Technical University (now part of the Norwegian University of Science and Technology).
###
About TechnipFMC
TechnipFMC is a global leader in the energy industry, delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
Tel: +1 281 260 3665
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Media relations
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DUBLIN--(BUSINESS WIRE)--The "Global Ballast Water Treatment System (BWTS) Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.
Global Ballast Water Treatment System (BWTS) Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024), provides an in-depth analysis of the global ballast water treatment system (BWTS) market with description of market sizing and growth.
The analysis includes the market by value, by application and by region. Furthermore, the report also provides a detailed application and regional analysis.
The global ballast water treatment system (BWTS) market has increased at a steady pace over the years and the market is further expected to propel progressively during the forecasted years 2020 to 2024. The market would propel owing to numerous growth drivers such as surging seaborne trade, augmenting economic growth, growth in the shipbuilding sector, increasing initiative to save marine life, etc.
However, the market faces some challenges which are hindering the growth of the market. Some of the major challenges faced by the industry are volatile raw material prices and uncertain environmental obligation. Whereas, the market growth would be further supported by various market trends like the introduction of Hyde GUARDIAN-US ballast water treatment system, the evolution of purestream, etc.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global ballast water treatment system (BWTS) market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Some of the major players operating in the global ballast water treatment system (BWTS) market are JFE Holdings (JFE Engineering), Wartsila Corporation, Xylem Inc. and Alfa Laval AB, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the respective companies are also provided.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Ballast Water Treatment System (BWTS): An Overview
2.2 Types of Ballast Water Treatment Technologies
2.3 Ballast Water Treatment System (BWTS) Segmentation
3. Global Market Analysis
3.1 Global Ballast Water Treatment System (BWTS) Market: An Analysis
3.1.1 Global Ballast Water Treatment System (BWTS) Market by Value
3.1.2 Global Ballast Water Treatment System (BWTS) Market by Application (container ships, tankers, bulk carriers and general cargo)
3.1.3 Global Ballast Water Treatment System (BWTS) Market by Region (North America, Europe, Asia Pacific, South America and MEA)
3.2 Global Ballast Water Treatment System (BWTS) Market: Application Analysis
3.2.1 Global Container Ships BWTS Market by Value
3.2.2 Global Bulk Carriers BWTS Market by Value
3.2.3 Global Tankers Ships BWTS Market by Value
3.2.4 Global General Cargo BWTS Market by Value
4. Regional Market Analysis
5. COVID-19
5.1 Impact of COVID-19
5.2 Regional Impact of COVID-19
5.3 Response of Industry to COVID-19
5.4 Variation in Organic Traffic
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Surging Sea-borne Trade
6.1.2 Augmenting Economic Growth
6.1.3 Growth in Shipbuilding Sector
6.1.4 Increasing Initiative to Save Marine Life
6.2 Challenges
6.2.1 Volatile Raw Material Prices
6.2.2 Uncertain Environmental Obligation
6.3 Market Trends
6.3.1 Hyde GUARDIAN-US Ballast Water Treatment System
6.3.2 Evolution of Purestream
7. Competitive Landscape
7.1 Global Ballast Water Treatment System (BWTS) Market Players: A Financial Comparison
8. Company Profiles
8.1 Alfa Laval AB
8.1.1 Business Overview
8.1.2 Financial Overview
8.1.3 Business Strategy
8.2 Xylem Inc.
8.3 JFE Holdings (JFE Engineering)
8.4 Wartsila Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8xk9sy
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ:NFE) (the "Company") plans to announce its financial results for the third quarter 2020 prior to 8:00 A.M. Eastern Time on Thursday, October 29, 2020. A copy of the press release and an earnings supplement will be posted to the Investors section of the Company's website, www.newfortressenergy.com.
In addition, management will host a conference call on Thursday, October 29, 2020 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Third Quarter 2020 Earnings Call."
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:00 A.M. on Thursday, October 29, 2020 through 11:00 P.M. on Thursday, November 5, 2020 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 9151299.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
IR:
Alan Andreini
(212) 798-6128
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Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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DUBLIN--(BUSINESS WIRE)--The "HVDC Converter Station Market -By Technology, By Power Rating and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global HVDC Converter Station market is slated to accrue revenue worth nearly 14.58 (USD Billion) by 2026 and record the CAGR of about 8% over the period from 2020 to 2026.
The report offers assessment and analysis of the HVDC Converter Station market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Introduction
Optimization of the capacity of current power transmitting corridors is best carried out through the conversion to HVDC. This conversion has also proved to be cost-efficient even over shorter distances and can result in enhanced capacity of current corridors. Apparently, need for reducing carbon emissions has translated into huge demand for expanding power transmission capacity, thereby creating massive preference for HVDC converter stations.
Recently in 2019, the Ultranet HVDC conversion venture in Germany is transforming AC corridor into a hybrid AC/DC corridor, thereby transporting wind energy through northern part of the country to southern part. Earlier, HVDC conversion technology was used only for high-powered & long-distant transmission by the utilities as it incurred high operating costs for shorter distances. However, due to onset of new technologies and grid systems HVDC conversion has become cost-effective as well as feasible for shorter distances. An HVDC converter station has the ability to transfer huge amount of power in a corridor through utilization of current grid power lines & structures.
Market Growth Dynamics
Escalating demand for sustainable energy, cost-effective carbon-free power supply, and need for reducing GHG emissions & air pollution is likely to enhance the popularity of HVDC converter station. According to NCBI, the current studies in 2019 have demonstrated that HVDC transmission can offer lucrative advantages as a component of topological changes in the grid electricity business. Apparently, the studies have revealed that national HVDC overlay can be a cost-effective course towards de-carbonization, offer inter-regional stability, and enhance resilience & reliability in the grid during offering sustenance against the altering climatic conditions. All these aforementioned factors will steer the growth of the HVDC converter station industry over the forthcoming years.
Furthermore, the HVDC transmission technology has matured due to its utilization over an elongated period. Nevertheless, it offers numerous benefits over HVAC over long distances. The benefit of DC-DC converter topology amongst current AC solutions for transmission of power over long distances has been already proven a long time ago through various empirical studies & positive outcomes.
Moreover, the most desirable benefits derived due to HVDC transmission line as compared to AC line cover are absence of negative impact on the skin, lower transmission losses, affordable manufacture procedure for DC cable production, and higher proportion of active power control. All these aspects will steer the growth of the HVDC converter station market in the near future.
In addition to this, rise in the number of offshore wind farms and need for linking asynchronous grids will impel the growth of the HVDC converter station market in the years ahead. Apart from this, government policies favoring DC transmission to meet the growing energy requirements will bring inflation in the market value during the forecast timeframe. Additionally, growing green energy trends will further enlarge the market scope over the forthcoming years.
Europe To Account For Major Market Size Over Forecast Timeframe
The regional market growth over the period from 2020 to 2026 is attributed to a surge in the number of offshore wind farms in countries like the UK, Denmark, Germany, and Norway in Europe. As per the study published in April 2020 in MDPI journal, nearly 52 of the HVDC power stations, which account to 40% of the total HVDC power stations across the globe, are based in Europe. Reportedly, nearly 26 power stations have been launched in the region in the last five years. Furthermore, presence of key players such as Siemens, Alstom, and ABB in the region will further boost regional market trends.
Key players influencing the market growth are
The global HVDC converter station market is segmented as follows:
By Technology
By Component
By Power Rating
By Configuration
By Region
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AUSTIN, Texas & LEAWOOD, Kan.--(BUSINESS WIRE)--Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today it has completed its business combination with Tortoise Acquisition Corp. (TortoiseCorp). The business combination, which was approved by TortoiseCorp stockholders on Sept. 28, 2020, will result in the combined company being renamed “Hyliion Holdings Corp.”, with its common stock being listed on the New York Stock Exchange (NYSE) under the ticker symbol “HYLN” and its warrants listed under the ticker symbol “HYLN WS”.
“The completion of our merger greatly accelerates Hyliion’s growth plans and unlocks the potential value of our business,” said Thomas Healy, CEO and founder of Hyliion. “The future of commercial trucking demands reduced carbon emissions and more sustainable transportation options. Our Hybrid and Hypertruck ERX electric powertrain solutions are designed to significantly reduce greenhouse gas (GHG) emissions and total cost of ownership, enabling our customers to meet both their sustainability and financial objectives. This transaction is a crucial milestone in our business plan as we gear up for full commercialization and the mass production of our solutions, enabling Hyliion to maintain its technology leadership and first-mover advantage.”
Through the business combination, Hyliion will receive approximately $560 million in proceeds to drive Hyliion’s continued development and the commercialization of its Hybrid and Hypertruck ERX electrified powertrain solutions.
“We are proud to have combined with Hyliion and look forward to working collaboratively with Thomas and the new board to make this transaction a long-term success,” said Vince Cubbage, chairman and CEO of TortoiseCorp. “Hyliion’s compelling value proposition includes offering the lowest-cost, longest-range and highest-payload option among existing and announced Class 8 commercial electric vehicles while also delivering important net-negative carbon emission profiles.”
Marathon Capital acted as the exclusive advisor to Hyliion and Barclays Capital Inc. acted as the exclusive advisor to TortoiseCorp. Cooley LLP and Wick Phillips LLP served as legal advisors to Hyliion and Vinson & Elkins L.L.P. served as legal advisor to TortoiseCorp. Barclays and Goldman Sachs & Co. LLC served as joint-placement agents to TortoiseCorp.
About Hyliion
Hyliion’s mission is to be the leading provider of electrified powertrain solutions for the commercial vehicle industry. Hyliion’s goal is to reduce the carbon intensity and GHG emissions of the transportation sector by providing electrified powertrain solutions for Class 8 commercial vehicles at the lowest total cost of ownership (TCO). Hyliion’s solutions utilize its proprietary battery systems, control software and data analytics combined with fully integrated electric motors and power electronics, to produce electrified powertrain systems that either augment—in the case of Hyliion’s Hybrid systems—or fully replace—in the case of the fully electric Hypertruck ERX system—traditional diesel or natural gas fueled powertrains and improve their performance. By reducing both GHG emissions and TCO, Hyliion’s environmentally conscious solutions support its customers’ pursuit of their sustainability and financial objectives. For more information, please visit www.hyliion.com.
About Tortoise Acquisition Corp.
Tortoise Acquisition Corp. was formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. For more information, please visit www.tortoisespac.com.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the company’s expected uses of proceeds from the business combination; potential future revenue; the company’s expectations for its products; market acceptance of alternative fuel solutions; and market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; failure to realize the anticipated benefits of the business combination; the conversion of pre-orders into binding orders; risks related to the rollout of the company’s business and the timing of expected business milestones; the effects of competition on the company’s future business; the availability of capital; and the other risks discussed under the heading "Risk Factors" in the definitive proxy statement filed by Tortoise Acquisition Corp. on September 8, 2020 and other documents that the company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the company specifically disclaims any obligation to update these forward-looking statements.
For Hyliion:
Emma Chase
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For Tortoise Acquisition Corp:
Deborah Kostroun
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201-403-8185
INVESTOR RELATIONS CONTACT
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LONDON--(BUSINESS WIRE)--#GlobalMaritimeInformationMarket--Technavio has been monitoring the maritime information market and it is poised to grow by $ 736.98 mn during 2020-2024, progressing at a CAGR of over 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. FLIR Systems Inc., Garmin Ltd., Inmarsat Group Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Maxar Technologies Inc., ORBCOMM Inc., Raytheon Co., Saab AB, and Thales Group are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Maritime Information Market 2020-2024: Segmentation
Maritime Information Market is segmented as below:
Maritime Information Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The maritime information market report covers the following areas:
This study identifies increase in seaborne trade as one of the prime reasons driving the maritime information market growth during the next few years.
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Maritime Information Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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NORFOLK, Va.--(BUSINESS WIRE)--CMA CGM, a world leader in shipping and logistics, today announced that it has provided critical supplies to several Louisiana communities impacted by Hurricane Laura.
The supplies, which include large refrigerated containers with generator sets, were delivered Wednesday in coordination with the assistance of the Federal Emergency Management Administrator (FEMA), Southwest Louisiana United Way and Central Louisiana Baptists Disaster Relief.
“Our hearts go out to the many families impacted by Hurricane Laura, and we are humbled to play a small part in helping with the rebuilding efforts,” said CMA CGM America President Ed Aldridge. “We have worked closely with communities along the Gulf for decades so we know how resilient they are and hope that our contribution will assist with relief efforts and the distribution of goods.”
The containers will be used to store and distribute food and supplies in impacted communities throughout Louisiana, including Lake Charles, Deridder and Alexandria. CMA CGM will provide both refrigerated and dry storage containers to help the hundreds of thousands of residents in need of support. The refrigerated containers will also include self-powered generator units where needed.
Denise Durel, President and CEO of United Way of Southwest Louisiana, added: “CMA CGM is playing an important role in helping our community recover from this tragedy. Contributions like this one help us provide much needed support and warm meals for storm-affected Louisiana residents.”
This effort is part of the CMA CGM Group’s unwavering commitment to the U.S. As the nation’s top ocean-freight carrier, CMA CGM serves 19 U.S. ports with 34 services and 93 weekly port calls including the Port of New Orleans. In addition, the Group’s subsidiary, American President Lines (APL), operates a fleet of U.S.-flagged vessels and supports U.S. territories and American military stationed around the world.
The CMA CGM Group employs more than 12,000 team members across the U.S. and is also a leading provider of logistics services through its subsidiary CEVA Logistics.
About CMA CGM
Led by Rodolphe Saadé, the CMA CGM Group is a world leader in shipping and logistics. Its 500 vessels serve more than 420 ports across five continents around the world and carried nearly 22 million TEUs (twenty-foot equivalent units) in 2019. With CEVA Logistics, a world leader in logistics services, CMA CGM handles more than 500,000 tons of airfreight and 1.9 million tons of inland freight every year.
CMA CGM is constantly innovating to offer customers new maritime, inland and logistics solutions. Present on every continent and in 160 countries through its network of 755 offices and 750 warehouses, the Group employs more than 110,000 people worldwide, of which 2,400 in Marseille where its head office is located.
Amber Leonard
+1 (757) 961-2273
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HOUSTON--(BUSINESS WIRE)--Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today announced that shareholders of the Company approved the pending merger (the “Merger”) with Chevron Corporation (NYSE: CVX) (“Chevron”) and all other proposals related to the Merger at Noble Energy’s Special Meeting of Shareholders (the “Special Meeting”) held earlier today. Noble Energy anticipates providing final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission in a later release. Chevron and Noble Energy expect to close the Merger early in the fourth quarter of 2020.
“We are pleased that Noble Energy shareholders resoundingly support the pending transaction with Chevron,” said David L. Stover, Noble Energy’s Chairman and CEO. “Today’s approval marks an important milestone on the path to becoming part of an even stronger global energy platform. We thank our shareholders and other stakeholders for recognizing the many benefits that will be realized, and the significant value that will be created, through this combination.”
As previously announced, on July 20, 2020, Chevron and Noble Energy entered into a definitive merger agreement providing for Chevron’s acquisition of Noble Energy in an all-stock transaction. Under the terms of the definitive merger agreement, each eligible share of Noble Energy common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive 0.1191 of a share of Chevron’s common stock, with cash in lieu of any fractional shares.
Noble Energy (NASDAQ: NBL) is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. For more information on how the Company fulfills its purpose: Energizing the World, Bettering People’s Lives®, visit https://www.nblenergy.com.
Important Additional Information
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Chevron filed a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Noble Energy. The Form S-4 was declared effective on August 26, 2020, and the definitive proxy statement was mailed to stockholders of Noble Energy on the same date. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Noble Energy may file with the SEC and send to Noble Energy’s stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND NOBLE ENERGY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by Chevron or Noble Energy through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron are available free of charge on Chevron’s website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Noble Energy are available free of charge on Noble Energy’s website at http://investors.nblenergy.com.
Forward-Looking Statements and Cautionary Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements regarding the potential transaction between Chevron and Noble Energy, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the satisfaction of the conditions precedent to the potential transaction, the pending approval of CEMAC, and any other statements regarding Chevron’s and Noble Energy’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions. All such forward-looking statements are based on current expectations of Chevron’s and Noble Energy’s management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include uncertainties as to the timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; the effects of disruption to Chevron’s or Noble Energy’s respective businesses; the effect of this communication on Chevron’s or Noble Energy’s stock prices; the effects of industry, market, economic, political or regulatory conditions outside of Chevron’s or Noble Energy’s control; transaction costs; Chevron’s ability to achieve the benefits from the proposed transaction, including the anticipated annual run-rate operating and other cost synergies and accretion to return on capital employed, free cash flow, and earnings per share; Chevron’s ability to promptly, efficiently and effectively integrate acquired operations into its own operations; unknown liabilities; and the diversion of management time on transaction-related issues. Other important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for Chevron’s or Noble Energy’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the parties operate; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; Chevron’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the parties’ suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond Chevron’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; Chevron’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and Chevron’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Noble Energy assumes no obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Additional factors that could cause results to differ materially from those described above can be found in Noble Energy’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on the Noble Energy’s website at http://investors.nblenergy.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov, and in Chevron’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on Chevron’s website at https://chevroncorp.gcs-web.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov.
Investor Contact
Brad Whitmarsh
(281) 943-1670
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal segment will supply and install replacement secondary air heater components for a U.S. power plant.
The contract was awarded to B&W’s subsidiary, Babcock & Wilcox Construction Co., LLC (BWCC), and is valued at approximately $5 million. Concurrent with this work, the company will resume outage maintenance work at the same plant that had been delayed since Spring 2020. The postponed maintenance work contract was awarded to BWCC in 2019 and is valued at approximately $8 million.
“B&W Thermal has the technologies and capabilities to provide a complete suite of replacement parts, equipment and field services to the global power fleet,” said B&W Chief Operating Officer Jimmy Morgan. “We’re pleased to build on our strong relationship with our customer and appreciate the confidence they place in the work we perform.”
“We’re also encouraged that this project that was temporarily paused earlier this year has restarted, allowing us to continue to provide critical services to this customer,” Morgan added.
B&W Thermal’s regional construction service centers, which allow the company to quickly and efficiently serve customers anywhere in North America, will provide support for these projects. Both projects are expected to be completed in the fourth quarter of 2020.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
About B&W Thermal
Babcock & Wilcox Thermal designs, manufactures and erects steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil & gas, and industrial sectors. B&W has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and more.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a contract to supply and install replacement secondary air heater components for a U.S. power plant. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--On October 2, 2020, the Board of Directors of Emera Inc. (TSX: EMA) approved quarterly dividends on its common shares and First Preferred Shares, each of which is payable on and after November 16, 2020 to the applicable shareholders of record at the close of business on November 2, 2020, as follows:
Emera Inc. hereby notifies the shareholders of its common shares and its First Preferred Shares that such dividends declared qualify as eligible dividends pursuant to the Income Tax Act (Canada) and corresponding provincial legislation.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations:
Ken McOnie, 902-428-6945
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or
Scott Hastings, 902-474-4787
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Media:
902-222-2683
LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $409.5 million and its unaudited net asset value was $254.5 million, or $19.83 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 426 percent, and its coverage ratio for preferred shares was 312 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$335.8 |
$26.16 |
|
Cash and Cash Equivalents |
19.0 |
1.48 |
|
Income Tax Receivable |
52.1 |
4.05 |
|
Other Assets |
2.6 |
0.21 |
|
Total Assets |
409.5 |
31.90 |
|
Senior Notes |
87.9 |
6.85 |
|
Preferred Stock |
32.3 |
2.52 |
|
Total Leverage |
120.2 |
9.37 |
|
Other Liabilities |
2.7 |
0.20 |
|
Current Tax Liability |
32.1 |
2.50 |
|
Net Assets |
$ 254.5 |
$ 19.83 |
12.84 million common shares currently outstanding.
TYG has completed approximately $8.8 million of share repurchases under the publicly announced repurchase plan allowing up to $25.0 million through December 31, 2020. Under the program, TYG has repurchased 542,185 shares of its common stock at an average price of $16.174 and an average discount to NAV of 25.8%.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $193.8 million and its unaudited net asset value was $120.9 million, or $19.78 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 450 percent, and its coverage ratio for preferred shares was 338 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$187.7 |
$ 30.72 |
|
Cash and Cash Equivalents |
4.7 |
0.77 |
|
Other Assets |
1.4 |
0.22 |
|
Total Assets |
193.8 |
31.71 |
|
|
|
|
|
Senior Notes |
38.2 |
6.25 |
|
Preferred Stock |
12.7 |
2.08 |
|
Total Leverage |
50.9 |
8.33 |
|
|
|
|
|
Other Liabilities |
1.3 |
0.22 |
|
Current Tax Liability |
20.7 |
3.38 |
|
Net Assets |
$ 120.9 |
$ 19.78 |
6.11 million common shares currently outstanding.
NTG has completed approximately $3.7 million of share repurchases under the publicly announced repurchase plan allowing up to $12.5 million through December 31, 2020. Under the program, NTG has repurchased 222,683 shares of its common stock at an average price of $16.459 and an average discount to NAV of 25.2%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $65.1 million and its unaudited net asset value was $40.0 million, or $16.39 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 350 percent, and its coverage ratio for preferred shares was 263 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$58.0 |
$ 23.80 |
|
Cash and Cash Equivalents |
6.6 |
2.70 |
|
Other Assets |
0.5 |
0.19 |
|
Total Assets |
65.1 |
26.69 |
|
|
|
|
|
Senior Notes |
18.4 |
7.54 |
|
Preferred Stock |
6.1 |
2.50 |
|
Total Leverage |
24.5 |
10.04 |
|
|
|
|
|
Other Liabilities |
0.6 |
0.26 |
|
Net Assets |
$40.0 |
$ 16.39 |
2.44 million common shares currently outstanding.
TTP has completed approximately $0.9 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through December 31, 2020. Under the program, TTP has repurchased 65,155 shares of its common stock at an average price of $13.799 and an average discount to NAV of 25.6%.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $30.2 million and its unaudited net asset value was $25.2 million, or $13.65 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 636 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 29.8 |
$ 16.15 |
|
Cash and Cash Equivalents |
0.2 |
0.13 |
|
Other Assets |
0.2 |
0.06 |
|
Total Assets |
30.2 |
16.34 |
|
Credit Facility Borrowings |
4.7 |
2.55 |
|
Other Liabilities |
0.3 |
0.14 |
|
Net Assets |
$ 25.2 |
$ 13.65 |
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $106.3 million and its unaudited net asset value was $80.4 million, or $11.56 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 418 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 104.8 |
$ 15.08 |
|
Cash and Cash Equivalents |
0.4 |
0.06 |
|
Other Assets |
1.1 |
0.16 |
|
Total Assets |
106.3 |
15.30 |
|
|
|
|
|
Credit Facility Borrowings |
25.3 |
3.64 |
|
|
|
|
|
Other Liabilities |
0.6 |
0.10 |
|
Net Assets |
$ 80.4 |
$ 11.56 |
6.95 million common shares currently outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $227.3 million and its unaudited net asset value was $198.2 million, or $14.69 per share.
As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 815 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2020.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$221.6 |
$16.43 |
|
Cash and Cash Equivalents |
2.3 |
0.17 |
|
Other Assets |
3.4 |
0.25 |
|
Total Assets |
227.3 |
16.85 |
|
|
|
|
|
Credit Facility Borrowings |
27.7 |
2.05 |
|
|
|
|
|
Other Liabilities |
1.4 |
0.11 |
|
Net Assets |
$198.2 |
$14.69 |
13.49 million common shares outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Providence Water 100% Powered by Renewable Energy; Anticipates $25 million in energy cost savings
PROVIDENCE, R.I.--(BUSINESS WIRE)--EDF Renewables North America today announced the 6.652 megawatt (MWdc)/4.99 MWac, Pine Hill Solar Project is now operational. EDF Renewables developed, designed, and constructed the solar project; AEP OnSite Partners, an American Electric Power Company (NYSE: AEP), is the owner and operator; while the electricity generated is provided to Providence Water.
Located on 24 acres on Pine Hill Road in Johnston, Rhode Island, the project expects to meet 100% of the energy demands for Providence Water, while also providing significant energy cost savings. EDF Renewables was awarded the contract under a competitive process and started construction activities in November 2019.
“The Pine Hill Solar project is another example of Providence Water’s pioneering of environmentally responsible initiatives. The project will provide long-term tax benefits to the local community as well as cost saving to rate payers,” said Rod Viens, Senior Vice President, EDF Renewables Distributed Solutions. “We were pleased to work in collaboration with AEP OnSite Partners to bring the project to completion during unique pandemic challenges on the construction process.”
“Investing in sustainability, energy efficiency and renewable energy is good for the bottom line of our environment and our rate payers,” said Xaykham Khamsyvoravong, Chairman of the Providence Water Supply Board. “The completion of the Pine Hill solar array means that 100 percent of Providence Water’s energy needs are now met by renewable energy sources. We are proud to reach this sustainability milestone that will benefit our environment while also producing an estimated $25 million in energy cost savings over the next 25 years.”
“We are proud to achieve commercial operations at our Pine Hill Solar project,” said Joel Jansen Chief Operating Officer of AEP OnSite Partners. “We see great value in supporting Providence Water Supply Board’s sustainability initiative through our commitment as a third-party owner and operator in serving clean renewable solar energy to this community.”
EDF Renewables Distributed Solutions is a part of EDF Renewables North America, a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Distributed Solutions group offers on-site clean energy for office buildings, load serving entities, corporates and industrials. The company delivers solar, storage and electric vehicle charging stations as an individual offering or as a full microgrid offering.
Pine Hill Solar Project Overview Video
https://www.youtube.com/watch?v=0wvIX6uXEWc&feature=youtu.be
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, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables 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 Providence Water
Providence Water is Rhode Island’s largest water utility, providing drinking water to approximately 600,000 Rhode Islanders in more than a dozen communities through wholesale distribution. The utility has more than 75,000 direct retail customers in Providence, North Providence, Cranston, Johnston, and Smithfield.
About AEP OnSite Partners:
AEP OnSite Partners, an American Electric Power (NYSE: AEP) company, works directly with customers, developers and government officials to deliver energy solutions based upon market knowledge, innovative application of technology and deal-structuring capabilities. AEP OnSite Partners targets opportunities in distributed solar, combined heat and power, energy storage, waste heat recovery, energy efficiency, peaking generation and other energy solutions that create value for our customers.
EDF Renewables Contact:
Sandi Briner, 858-521-3525
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) has been awarded a large(1) contract by Exxon Mobil Corporation (NYSE:XOM) subsidiary Esso Exploration and Production Guyana Limited (“EEPGL”) for the subsea system for the proposed Payara project.
TechnipFMC will manufacture and deliver the subsea production system, including 41 enhanced vertical deep water trees and associated tooling, six flexible risers and ten manifolds along with associated controls and tie-in equipment.
Arnaud Pieton, President Subsea stated: “We are delighted to take the next step in the partnership established with ExxonMobil and the country of Guyana for their subsea developments. As a continuation from Liza phase 1 and 2, this award is a tribute to the value created through this partnership and will also lead to growing further TechnipFMC’s local presence in Guyana. We continue to develop and deliver the most advanced proven subsea technologies enabling these developments with the schedule certainty required for the Payara Project first oil.”
In support of this project, TechnipFMC will continue hiring and training Guyanese engineers.
Payara is the second oil discovery in the Stabroek Block located approximately 193 km (120 miles) offshore Guyana with water depths of 1,500 m (4,900 ft) to 1,900 m (6,200 ft). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), is the operator.
(1) For TechnipFMC, a “large” contract ranges between $500 million and $1 billion.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
+1 281 260 3665
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Phillip Lindsay
Director Investor Relations (Europe)
+44 (0) 20 3429 3929
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Media relations
Christophe Bélorgeot
Senior Vice President Corporate Engagement
+33 1 47 78 39 92
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Brooke Robertson
Public Relations Director
+1 281 591 4108
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MGE's 20-megawatt solar array will be largest solar project in Dane County.
MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE) today received approval from the Public Service Commission of Wisconsin (PSCW) for a 20-megawatt (MW) solar array to be built in Fitchburg, Wisconsin. Known as the O'Brien Solar Fields, the project will provide locally generated solar energy to local businesses, municipalities and public institutions under MGE's innovative Renewable Energy Rider (RER).
"Clean energy is important to MGE, to our project partners and to our community. The O'Brien Solar Fields will add 20 MW of locally generated, cost-effective carbon-free energy to our electric grid," said MGE Chairman, President and CEO Jeff Keebler. "Partnerships like this one advance shared energy goals and help MGE achieve net-zero carbon electricity for all of our customers by 2050."
"The O'Brien Solar Fields is another demonstration of MGE's commitment to diversifying its energy supply mix through renewable resources," said Jamie Resor, CEO, EDF Renewables Distributed Solutions. "We are pleased to expand our partnership and build another solar facility in support of MGE's goal to deliver cost-effective renewable energy to its customers."
MGE is partnering with the following customers on this project through RER agreements:
Renewable Energy Rider grows local, clean energy
MGE's RER enables MGE to partner with a large energy user to tailor a renewable energy solution to meet that customer's energy needs. Customers that will be served by the O'Brien Solar Fields have entered into RER agreements with MGE. The agreements were approved by the PSCW. RER customers are responsible for costs associated with the renewable generation facility and any distribution costs to deliver energy to the customer. The innovative model grows clean energy in our community.
Solar project will be largest in Dane County
The O'Brien Solar Fields will be located at the corner of Lacy Road and South Seminole Highway in Fitchburg, Wisconsin, on approximately 160 acres. EDF Renewables will design, develop, build and operate the project consisting of about 60,000 solar panels. After construction, MGE will own the solar fields and lease the land from the O'Brien family.
Construction is expected to begin this year with the solar array generating electricity in 2021. It will be the largest solar project in Dane County. The project is expected to cost approximately $32 million.
MGE targeting net-zero carbon by 2050
Consistent with the latest climate science, MGE is targeting net-zero carbon electricity by 2050. The company continues to work toward carbon reductions of at least 40 percent by 2030, as announced in 2015 and consistent with the landmark Paris Agreement on climate change. If MGE can go further faster in reducing carbon emissions, it will. To reach its carbon-reduction goals, MGE is growing its use of renewable energy, engaging customers around energy efficiency and facilitating the electrification of transportation, all of which are key strategies identified by the United States for achieving deep decarbonization. Visit mge2050.com to learn more.
About MGE
MGE generates and distributes electricity to 155,000 customers in Dane County, Wis., and purchases and distributes natural gas to 163,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.
About EDF Renewables Distributed Solutions
EDF Renewables Distributed Solutions is a part of EDF Renewables North America, a market-leading independent power producer and service provider with 35 years of expertise in renewable energy. The Distributed Solutions group offers on-site clean energy for office buildings, load-serving entities, corporates and industrials. The company delivers solar, storage and electric vehicle charging stations as an individual offering or as a full microgrid offering. For more information, visit www.edf-re.com.
Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Falling battery prices have made utility-scale energy storage projects cost-competitive with fossil fuel generation and other technologies for numerous applications
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Guidehouse Insights examines new utility-scale energy storage (UES) projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue, through 2029.
UES is now considered a key component of new power system planning efforts in countries around the world. This represents a major shift from just 2 years ago when the technology was still largely considered too expensive or complex for integration into energy markets. Click to tweet: According to a new report from @WeAreGHInsights, through 2029, Asia Pacific is expected to be the largest market overall with a cumulative 60,747.4 MW of new UES capacity, representing a compound annual growth rate of 39.4%.
“UES is a multifaceted technology capable of providing a range of grid services and improving overall power system efficiency,” says Pritil Gunjan, senior research analyst with Guidehouse Insights. “Although the technology can provide operational cost savings for any power system, the single most important driver for the market’s growth is the increasing penetration of variable renewable power generation, notably solar and wind.”
According to the report, falling battery prices have made UES projects cost-competitive with fossil fuel generation and other technologies for numerous applications including peak generation capacity and frequency regulation. However, the most substantial shift has been the improving economics of combined solar-plus-storage projects which are now cheaper than natural gas generation in many countries and account for a large and growing portion of the global UES market.
The report, Market Data: Utility-Scale Energy Storage Market Update, report provides global forecasts for annual deployments of new UES projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue. These forecasts are then segmented by global region, technology, and the application or services that the system provides. Additional insight is provided through forecasts for the top 10 largest country-level markets globally. All forecasts cover a 10-year period from 2020 – 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Utility-Scale Energy Storage Market Update, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
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