PPL finalizes award for up to $72 million in federal funding from U.S. Department of Energy's Office of Clean Energy Demonstrations
PPL has finalized an agreement with the U.S. Department of Energy's Office of Clean Energy Demonstrations for an award of up to $72 million. This funding will support a groundbreaking carbon dioxide capture research and development project at PPL's natural gas combined-cycle generation facility in Louisville, Kentucky. The project, developed in partnership with the University of Kentucky, represents a total investment of over $100 million.
The first tranche of $4.9 million has been awarded to begin Phase 1 activities. This initiative aligns with PPL's strategy to enable new technologies that accelerate the transition to a clean energy future and achieve net-zero carbon emissions by 2050. PPL believes that reliable, dispatchable natural gas units will be essential in ensuring sufficient electricity supply while supporting the transition to renewables.
PPL ha finalizzato un accordo con l'Ufficio per le Dimostrazioni di Energia Pulita del Dipartimento dell'Energia degli Stati Uniti per un finanziamento fino a $72 milioni. Questo finanziamento supporterà un progetto innovativo di ricerca e sviluppo per la cattura della anidride carbonica presso l'impianto di generazione a ciclo combinato a gas naturale di PPL a Louisville, Kentucky. Il progetto, sviluppato in collaborazione con l'Università del Kentucky, rappresenta un investimento totale di oltre $100 milioni.
La prima tranche di $4,9 milioni è stata assegnata per avviare le attività della Fase 1. Questa iniziativa è in linea con la strategia di PPL per abilitare nuove tecnologie che accelerino la transizione verso un futuro energetico pulito e permettano di raggiungere emissioni di carbonio nette pari a zero entro il 2050. PPL ritiene che le unità di gas naturale affidabili e programmabili saranno essenziali per garantire un'adeguata fornitura di elettricità sostenendo al contempo la transizione verso le fonti rinnovabili.
PPL ha finalizado un acuerdo con la Oficina de Demostraciones de Energía Limpia del Departamento de Energía de EE. UU. para un financiamiento de hasta $72 millones. Este financiamiento apoyará un proyecto innovador de investigación y desarrollo sobre la captura de dióxido de carbono en la planta de generación de ciclo combinado de gas natural de PPL en Louisville, Kentucky. El proyecto, desarrollado en colaboración con la Universidad de Kentucky, representa una inversión total de más de $100 millones.
La primera parte de $4,9 millones ha sido otorgada para comenzar las actividades de la Fase 1. Esta iniciativa está alineada con la estrategia de PPL para habilitar nuevas tecnologías que aceleren la transición hacia un futuro energético limpio y logren emisiones netas de carbono cero para 2050. PPL cree que las unidades de gas natural confiables y programables serán esenciales para garantizar un suministro eléctrico suficiente mientras se apoya la transición hacia las energías renovables.
PPL은 미국 에너지부의 청정 에너지 시연 사무소와 최대 $72 million의 상을 받는 계약을 체결했습니다. 이 자금은 켄터키주 루이빌에 있는 PPL의 천연가스 복합 사이클 발전 시설에서 획기적인 이산화탄소 포획 연구 및 개발 프로젝트를 지원하는 데 사용됩니다. 이 프로젝트는 켄터키 대학교와의 파트너십으로 개발되었으며, 총 $100 million 이상의 투자를 나타냅니다.
첫 번째 분할금인 $4.9 million이 Phase 1 활동을 시작하기 위해 수여되었습니다. 이 이니셔티브는 PPL의 전략과 일치하여 청정 에너지 미래로의 전환을 가속화하고 2050년까지 탄소 배출량 제로 달성을 위한 새로운 기술을 가능하게 합니다. PPL은 신뢰할 수 있고 조정 가능한 천연가스 발전기가 재생 가능 에너지로의 전환을 지원하면서도 충분한 전기 공급을 보장하는 데 필수적이라고 믿고 있습니다.
PPL a finalisé un accord avec le Bureau des démonstrations d'énergie propre du Département américain de l'Énergie pour une aide financière pouvant aller jusqu'à $72 millions. Ce financement soutiendra un projet révolutionnaire de recherche et développement sur la capture du dioxyde de carbone dans l'installation de génération de cycle combiné au gaz naturel de PPL à Louisville, Kentucky. Le projet, développé en partenariat avec l'Université du Kentucky, représente un investissement total de plus de $100 millions.
La première tranche de $4,9 millions a été attribuée pour commencer les activités de la Phase 1. Cette initiative est en phase avec la stratégie de PPL pour permettre de nouvelles technologies qui accélèrent la transition vers un avenir énergétique propre et atteignent des émissions nettes de carbone nulles d'ici 2050. PPL pense que les unités de gaz naturel fiables et programmables seront essentielles pour garantir un approvisionnement électrique suffisant tout en soutenant la transition vers les énergies renouvelables.
PPL hat eine Vereinbarung mit dem Büro für Saubere Energie-Demonstration des US-Energieministeriums über eine Förderung von bis zu $72 Millionen abgeschlossen. Diese Mittel werden ein bahnbrechendes Forschungs- und Entwicklungsprojekt zur CO2-Abscheidung an der Gaskombikraftwerksanlage von PPL in Louisville, Kentucky, unterstützen. Das Projekt, das in Zusammenarbeit mit der Universität von Kentucky entwickelt wurde, stellt eine Gesamtinvestition von über $100 Millionen dar.
Die erste Tranche von $4,9 Millionen wurde vergeben, um die Aktivitäten der Phase 1 zu beginnen. Diese Initiative steht im Einklang mit der Strategie von PPL, neue Technologien zu entwickeln, die den Übergang zu einer sauberen Energiezukunft beschleunigen und bis 2050 Netto-Null-Emissionen erreichen sollen. PPL ist der Ansicht, dass zuverlässige, abrufbare Gasturbinen entscheidend sein werden, um in ausreichenden Strom zu liefern und den Übergang zu erneuerbaren Energien zu unterstützen.
- Secured up to $72 million in federal funding for carbon capture R&D
- Received first tranche of $4.9 million to begin Phase 1 activities
- Total project investment exceeds $100 million
- Partnership with University of Kentucky for technology development
- Aligns with company's strategy for clean energy transition
- None.
This $72 million federal funding award for PPL's carbon capture project is a significant development in the clean energy sector. It demonstrates the government's commitment to supporting innovative technologies that can help reduce carbon emissions from natural gas power plants. The project's total investment of over $100 million indicates a substantial financial commitment to advancing carbon capture technology.
The phased approach, starting with $4.9 million for Phase 1, allows for careful evaluation and progression of the project. This could potentially lead to more efficient and cost-effective carbon capture solutions for natural gas combined-cycle plants, which are expected to play a important role in maintaining grid reliability during the transition to renewables. If successful, this project could have far-reaching implications for the utility industry's efforts to achieve net-zero carbon emissions by 2050.
The collaboration between PPL, the University of Kentucky and the DOE showcases a promising public-private partnership model for advancing clean energy technologies. This project is particularly noteworthy as it focuses on carbon capture for natural gas combined-cycle generation, an area that has received less attention compared to coal-fired plants.
The success of this project could be a game-changer for the utility industry. If carbon capture can be effectively implemented on natural gas plants, it would allow these facilities to continue providing reliable, dispatchable power while significantly reducing their carbon footprint. This aligns with the industry's need for flexible power sources to complement intermittent renewables. However, the challenge lies in scaling up the technology and making it economically viable for widespread adoption.
From a financial perspective, this federal funding significantly de-risks PPL's investment in carbon capture technology. The $72 million award covers a substantial portion of the $100 million total project cost, limiting PPL's direct exposure. This strategic move could position PPL favorably in a future carbon-constrained market, potentially enhancing its long-term competitiveness and shareholder value.
Investors should note that while the initial $4.9 million tranche for Phase 1 is modest, successful progression through subsequent phases could unlock the full $72 million award. This project demonstrates PPL's proactive approach to addressing climate-related risks and opportunities, which could positively impact its ESG profile and attract environmentally conscious investors. However, the long-term financial benefits will depend on the project's success and the future regulatory landscape for carbon emissions.
The carbon capture project – developed in partnership with the University of
"Today marks another step forward in our strategy to enable new technologies that can help accelerate the transition to a clean energy future and close the gap to economy-wide, net-zero carbon emissions," said PPL President and Chief Executive Officer Vincent Sorgi. "We understand that delivering net-zero carbon emissions by 2050 will require faster action and commercialization of new technology than our industry has ever achieved, and it will require utilities leading the way on innovation.
"We are proud to take the lead in evaluating and piloting carbon capture technology on natural gas combined-cycle generation, and we're grateful for the DOE's support. Ultimately, we believe reliable, dispatchable natural gas units will be essential in the years ahead to ensure there's sufficient supply to meet electricity demand 24/7. Further, we believe natural gas can be a reliable partner in accelerating the transition to renewables while preserving reliability and affordability."
About the project
The system planned for Cane Run is designed to capture a portion of the CO2 from the natural gas plant's flue gas using an advanced heat-integrated CO₂ capture technology. It's expected to capture more than
The demonstration project is an important step in assessing the future viability of utility-scale carbon capture technology on natural gas units. Current plans include the captured CO₂ being purified and beneficially reused in its entirety by a nearby industrial customer.
In addition to the University of
Part of PPL's continued focus on clean energy R&D
The latest research initiative at Cane Run is one of more than 175 research and development projects that PPL is currently collaborating on with over 30 industry and academic partners. Projects range from accelerating low-carbon energy technologies to strengthening network resiliency and building the grid of the future.
PPL subsidiaries LG&E and KU have partnered with the University of
About PPL
PPL Corporation (NYSE: PPL), headquartered in
About the Office of Clean Energy Demonstrations
The
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation.
Contact: | For news media: Ryan Hill, 610.774.4033 For financial analysts: Andy Ludwig, 610.774.3389 | ||
View original content to download multimedia:https://www.prnewswire.com/news-releases/ppl-finalizes-award-for-up-to-72-million-in-federal-funding-from-us-department-of-energys-office-of-clean-energy-demonstrations-302247094.html
SOURCE PPL Services Corporation
FAQ
What is the total amount of federal funding PPL (NYSE: PPL) has been awarded for its carbon capture project?
Where will PPL's carbon capture project be located?
How much has PPL (NYSE: PPL) received as the first tranche of funding for its carbon capture project?
What is the total investment value of PPL's carbon capture project?
