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Excelerate Energy Signs Term Sheet to Deploy an FSRU to Germany
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Excelerate Energy announced on August 25, 2022, a term sheet with ENGIE to deploy a floating storage and regasification unit (FSRU) for LNG regasification in Germany. This agreement marks a significant step in Excelerate's expansion within the European market, enhancing energy security amid decreasing reliance on Russian gas. The FSRU will support Germany’s fifth LNG import terminal at Wilhelmshaven for five years. Excelerate aims to leverage its integrated FSRU fleet to provide rapid and flexible LNG solutions globally.
Positive
Deployment of FSRU in Germany enhances Excelerate's market presence.
Agreement supports Germany's energy security and decarbonization goals.
Five-year term increases predictable revenue.
Strengthens Excelerate's integrated business model.
Negative
None.
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) announced today that on August 25, 2022, the Company and ENGIE (“ENGIE”) signed a term sheet for the deployment of a floating storage and regasification unit (“FSRU”) that will provide flexible and secure LNG regasification capacity for Germany as it continues to seek alternatives to Russian pipeline gas supply.
Under the proposed agreement, Excelerate would deploy an FSRU from its integrated fleetto provide regasification services for a period of five years at Germany’s fifth planned LNG import terminal, which is being developed at the port of Wilhelmshaven by Tree Energy Solutions ("TES") and ENGIE. The deployment of an FSRU to Germany would significantly increase the Company’s presence in the European market.
“This term sheet represents an important milestone in our commercial negotiations to support the development of a new FSRU import terminal in Germany,” said Oliver Simpson, Commercial Vice President of Excelerate. “We look forward to collaborating with ENGIE and its partners E.ON and TES to support Germany as the country seeks to enhance its energy security and achieve its decarbonization goals.”
The proposed deal demonstrates the flexibility of Excelerate’s business model and the value of its integrated FSRU fleet, which allows the Company to help strengthen Europe’s energy security while expanding its terminal services and downstream gas sales in markets around the world.
ABOUT EXCELERATE ENERGY:
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
What is the agreement between Excelerate Energy and ENGIE regarding LNG in Germany?
Excelerate Energy and ENGIE signed a term sheet on August 25, 2022, to deploy a floating storage and regasification unit (FSRU) in Germany for flexible LNG regasification.
How long will the FSRU be deployed in Germany?
The FSRU will be deployed for a period of five years at Germany's fifth LNG import terminal.
What are the implications of the FSRU deployment for Excelerate Energy's market presence?
The FSRU deployment will significantly increase Excelerate Energy's presence in the European market.
How does this agreement affect Germany's energy security?
The agreement supports Germany's efforts to enhance energy security amid its shift away from Russian gas supply.
