AES and Praxair to Research and Demonstrate Improved Carbon Dioxide Capture Technologies.ITHACA Ithaca, city, United States Ithaca (ĭth`əkə), city (1990 pop. 29,541), seat of Tompkins co., S central N.Y., at the southern end of Cayuga Lake, in the Finger Lakes region; settled 1789, inc. as a city 1888. , NY -- AES Eastern Energy, a subsidiary of The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange :AES), and Praxair, Inc. (NYSE:PX) today announced plans to research and demonstrate improved carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. (CO2) capture technologies for new and existing electric generation facilities in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. AES Eastern Energy and Praxair will focus on opportunities to create capture-ready technology designs for new generation plants and low-cost retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in options for existing generation facilities, including oxyfuel combustion of coal. "We are pleased to work with Praxair on this project, which furthers AES's longstanding commitment to supporting the environment in New York State," said Pete Norgeot, President of AES Eastern Energy. "Since 1999, AES has invested over $100 million in environmental control technologies at our facilities in New York. In addition to benefiting the environment, low cost CO2 technology will help promote long-term economic development and energy sector stability in New York by supporting the use of coalCoa low cost, reliable fuel alternative." AES Eastern Energy and Praxair intend to explore, research, design, and potentially commercialize the implementation of CO2 emission reduction technology for new and existing electric generation facilities. This effort furthers New York State's involvement in the development of state-of-the-art CO2 reduction technology and will help the state meet its goals for creating fuel diversity and low cost, reliable energy solutions. "The development of CO2 capture technology solutions, including oxyfuel combustion of coal, requires the research expertise and experience that Praxair offers along with AES's generation and operational expertise. Combining the qualities of both companies will help bring about functional and practical CO2 capture solutions," said Dante Bonaquist, Chief Scientist, Praxair Research and Development. "We believe that the market will demand a cost effective, reliable CO2 capture technology solution, which is why Praxair supports AES's clean coal proposal. We believe that competition among oxy-fuel combustion Oxy-fuel combustion' is the process of firing a fossil-fueled power plant with an oxygen-enriched gas mix instead of air. Almost all of the nitrogen is removed from input air, yielding a stream that is approximately 95% oxygen. , pre-combustion and post combustion carbon capture technologies will result in the best outcome for the environment, the energy sector, the economy and the consumer." About AES AES is one of the world's largest global power companies, with 2005 revenues of $11 billion. With operations in 26 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amassed 2005 annual sales of over 82,000 GWh and our 122 generation facilities have the capacity to generate approximately 44,000 megawatts. Our global workforce of 30,000 people is committed to operational excellence and meeting the world's growing power Growing Power is an urban agriculture organization headquartered in Milwaukee, Wisconsin. It runs the last functional farm within the Milwaukee city limits and also organizes activities in Chicago. needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com. About Praxair Praxair is the largest industrial gases company in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and one of the largest worldwide, with 2005 sales of $7.7 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclosure This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES's current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, continued normal levels of operating performance and electricity demand at our distribution companies and operational performance at our contract generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. growth investments at normalized investment levels and rates of return consistent with prior experience. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A, "Risk Factors" in AES's 2005 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Readers are encouraged to read AES's filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion