Energy Transfer Announces Expanded Effort Focused on the Development of Alternative Energy Projects
Energy Transfer LP (NYSE: ET) has established a new Alternative Energy Group aimed at enhancing its renewable energy initiatives. Under the leadership of Tom Mason, the group will explore projects including solar and wind farms and renewable diesel and natural gas opportunities. Their first project, the Maplewood 2 Solar Project, is a 28 MW solar facility in West Texas, expected to be operational in Q2. Energy Transfer has significantly reduced greenhouse emissions, notably achieving a reduction of over 632,000 tons of CO2 in 2020 through its innovative technology.
- Formation of the Alternative Energy Group, focusing on renewable energy projects.
- Leadership by industry veteran Tom Mason, enhancing strategic direction.
- First dedicated solar power purchase contract with the construction of the 28 MW Maplewood 2 Solar Project.
- Significant emission reductions, over 632,000 tons of CO2 reduced in 2020.
- None.
Energy Transfer LP (NYSE: ET) today announced it has created a new group within the Partnership tasked with increasing the Partnership’s efforts to develop alternative energy projects aimed at continuing to reduce its environmental footprint throughout its operations. The Alternative Energy Group will be led by Tom Mason, who has more than 30 years of industry experience, including 14 years as Energy Transfer’s General Counsel, a role in which he will continue.
Under Mr. Mason’s leadership, the group will continue to focus on renewable energy projects such as solar and/or wind farms, either as a power purchaser, or in partnership with third party developers, and will also look to develop renewable diesel and renewable natural gas opportunities when they make economic sense. These potential projects could involve the utilization of existing pipelines throughout Energy Transfer’s extensive pipeline system, which consists of more than 90,000 miles of pipelines crossing 38 states.
The Partnership recently announced the results of one of these initiatives by supporting the construction of the Maplewood 2 Solar Project in West Texas with Recurrent Energy. The 28 MW solar project, expected to be in service in the 2nd quarter of this year, is the Partnership’s first-ever dedicated solar power purchase contract.
Energy Transfer has been reducing its greenhouse emissions over the past 10 years. An example of these efforts is the installation of its Dual Drive Compression system along some of its natural gas pipelines. Each Dual Drive compressor unit has patented technology that provides the ability to switch back and forth between an electric motor and a natural gas engine to manage changes in electrical demand due to high peaks or due to extreme weather conditions. In 2020 alone, this Dual Drive Technology reduced Energy Transfer’s carbon dioxide emissions by over 632,000 tons. Other emission reduction initiatives in place range from the use of emissions prevention technology such as vapor recovery units and stabilizers at natural gas process plants, to thermal oxidizers and direct injection systems to reduce or prevent methane emissions.
Energy Transfer continues to play a significant role in efficiently and safely transporting energy commodities throughout the United States that provide for our country’s electrical power generation requirements, fuel for our vehicles and equipment, and the necessary feedstock for the production of thousands of products used and consumed by Americans in everyday life. The Partnership is committed to helping meet the energy needs of our country while also reducing our carbon footprint throughout the U.S.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
Forward-Looking Statement:
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission, including the Partnership’s Quarterly Report on Form 10-Q to be filed for the current period. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.energytransfer.com.
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