GE Joins Australian Government-Backed Initiative
to Develop Carbon Capture and Storage Power Plants Worldwide
SCHENECTADY, N.Y., Apr 16, 2009 -- BUSINESS WIRE
GE Energy, a world leader in the development of advanced coal technology,
today announced that it is joining an Australian government-supported
initiative to facilitate the development and deployment of carbon capture
and storage projects worldwide.
Under a memorandum of understanding signed by General Electric International
and the Australian government, GE is becoming a founding member of the
Global Carbon Capture and Storage Institute (GCCSI). The institute will
provide international policy and management oversight with a goal of
delivering commercial-scale CCS plants around the world. Australian Prime
Minister Kevin Rudd's government has pledged to provide up to $100 million
per year to fund the institute.
"Coal is critical to Australia--and the world's--power supply, and it is a
multi-billion dollar export that is important to Australia's economy and the
thousands of jobs it supports. The long-term viability of this industry
depends on our ability to use our technology and know-how to reduce CO2
emissions in the process of generating electricity from coal," said Steve
Sargent, CEO, GE Australia & New Zealand. "We applaud the Australian
government's commitment to work with industry to develop and implement
solutions for reducing CO2 emissions. Forming the CCS Institute underscores
Australia's decision to take a leadership role in tackling the critical
issues that threaten the long-term environmental health of our planet."
"As a leader in IGCC technologies for power generation--a commercially
proven technology that is well-suited for carbon capture--GE Energy heartily
supports and plans to work to achieve the goals of the CCS Institute," said
Steve Bolze, vice president, Power & Water, GE Energy. "We recognize the
urgent need for a global portfolio of commercial-scale CCS technology
projects that can utilize coal, one of the world's most abundant and
available resources, to help meet both the growing demand for energy and
increasing environmental regulations."
Other members of the CCS Institute include other leading multi-national
corporations.
According to the International Energy Agency, world energy demand is
expected to grow by 45% between 2006 and 2030. Despite the rising importance
of renewable energy, fossil fuels, especially coal, are expected to remain
major sources for the world's energy in the coming decades. For example,
about 80% of Australia's electricity currently comes from coal-fired power
generation.
GE Energy's proven IGCC gasification process converts coal and other heavy
fuels into a high-value fuel, known as synthesis gas or syngas. The syngas
is cleaned and then used in efficient combined-cycle systems to generate
electricity. GE Energy has been at the forefront of IGCC technology since
Cool Water, the first IGCC demonstration plant, which came online in
Southern California in 1984. GE's IGCC technology has been in commercial
operation at the 250MWTECO Polk I station in Florida for more than 12 years.
More than 33 GE licensed industrial gasification facilities around the globe
currently separate CO2.
Duke Energy is now proceeding with a 632MW IGCC project at Edwardsport,
Ind.; using GE Energy's IGCC technology; it is expected to come on line in
2012.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of
power generation and energy delivery technologies, with 2008 revenue of
$29.3 billion. Based in Atlanta, Georgia, GE Energy works in all areas of
the energy industry including coal, oil, natural gas and nuclear energy;
renewable resources such as water, wind, solar and biogas; and other
alternative fuels. Numerous GE Energy products are certified under
ecomagination, GE's corporate-wide initiative to aggressively bring to
market new technologies that will help customers meet pressing environmental
challenges.
About GE
GE is a diversified global infrastructure, finance and media company that is
built to meet essential world needs. From energy, water, transportation and
health to access to money and information, GE serves customers in more than
100 countries and employs more than 300,000 people worldwide. For more
information, visit the company's Web site at http://www.ge.com. GE is
Imagination at Work.
SOURCE: GE Energy
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