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ARLINGTON, Virginia, US, April 26, 2006
(Refocus Weekly)
One of the largest power companies in the world
will create a business group to expand its involvement in wind power
generation and biomass.
The AES Corporation will invest US$1 billion over the next three
years to expand its alternative energy business, including terminals
for liquid natural gas, and will invest in commercial development of
projects and technologies which directly reduce GHG emissions or
create emission offsets under the Clean Development Mechanism. The
utility says it has committed to $100 million in investments since
last October, which will produce carbon reduction credits of 17
megatonne through 2012.
It plans to treble its investment in its wind generation business
over three years and has entered strategic partnerships with Los
Alamos National Laboratory and XL TechGroup to develop new
technologies in alternative energy. It is also evaluating future
investments in solar power and wave technologies, and is evaluating
future investments in non-electric business lines such as ethanol,
biodiesel, methane capture and conversion projects to reduce GHG
emissions.
“AES is committed to meeting a developing market need for new energy
resources and technologies that will lead to a secure and
sustainable energy future,” says president and CEO Paul Hanrahan.
“With 25 years of experience in energy and a presence in virtually
every region of the world, AES will play a leading role in this
rapidly growing segment of the energy industry.”
“Global energy consumption is expected to more than double by 2025,”
says William Luraschi, who will lead the alternative energy group.
“We believe that traditional ways of producing energy alone will not
meet this demand, due to rising production and transportation costs,
energy security issues and the growing recognition of environmental
impacts. That leaves an enormous opportunity for alternative sources
of energy to fulfill a large part of this growing demand.”
AES entered the wind generation business in 2004, and has invested
$265 million since then. It currently operates 600 MW of turbines
and is pursuing another 2,000 MW of wind projects, mainly in the
U.S. It is developing wind projects in Europe, China, India and
Central and South America.
AES started its climate change business last year and is pursuing
offset projects in the agricultural, reforestation and landfill gas
sectors. It has acquired rights to 17 Mt of certified emission
reduction credits and says it will become one of the largest
producers of CERs within the next three years.
AES has a market presence in many of the countries that are expected
to experience the greatest growth in wind generation and, with its
acquisition of SeaWest last year, AES gained an entry point into the
U.S. wind generation market. Buffalo Gap, AES's 120 MW windfarm in
Abilene, Texas, started commercial operation this year. In biomass,
AES is the leading company in conversion in Hungary, generating more
than one-third of that country’s total renewable energy in 2004.
AES has 30,000 workers in 25 countries, with 44,000 MW of generation
facilities and 14 distribution companies which serve eleven million
customers.
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