AES Makes Cleaner Fuel Available to All of Central America With Commercial Operation of AES Colón
October 18 2019 - 7:30AM
Business Wire
New LNG hub provides a new market for US LNG
exports with a more cost-effective and sustainable alternative to
oil for the region
The AES Corporation (NYSE: AES) today announced the start of
operations of the first liquefied natural gas (LNG) hub in Panama
and Central America, located at the AES Colón plant. AES Colón
consists of the 180,000 m3 LNG tank and a 381 MW combined cycle
power plant, which reached commercial operations in 2018 and had
been previously operating with gas from temporary sources.
The commercial operation of the LNG storage facility will allow
for the use of LNG throughout the region and establish Panama as
the natural gas hub for the Central American region. The use of LNG
helps both reduce CO2 (carbon dioxide) emissions and increase
renewable energy penetration. Furthermore, LNG conversion lowers
electricity costs and provides greater price stability to support
economic growth.
“The inauguration of the AES Colón storage facility is a
significant milestone toward transforming the Central American
energy sector, and enabling a safer and more sustainable energy
future,” said Andrés Gluski, AES President and Chief Executive
Officer. “Since AES introduced natural gas in the Dominican
Republic 19 years ago, it saved consumers more than half a billion
dollars a year and avoided approximately four million tons of CO2
emissions annually.”
AES has reserved 80 percent of AES Colón’s terminal capacity for
use by industrial and commercial companies in Panama and Central
America. The additional contracting potential is expected to serve
as a further source of growth for the Company.
The LNG hub at AES Colón was completed in record time of 39
months and has employed more than 2,000 Panamanians since the start
of the project. AES plans to build a similar project in Vietnam in
the coming years, which will bring many of these same benefits to
Southeast Asia.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power
company. We provide affordable, sustainable energy to 14 countries
through our diverse portfolio of distribution businesses as well as
thermal and renewable generation facilities. Our workforce is
committed to operational excellence and meeting the world’s
changing power needs. Our 2018 revenues were $11 billion, and we
own and manage $33 billion in total assets. To learn more, please
visit www.aes.com. Follow AES on Twitter @TheAESCorp.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and of the Securities
Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, those related to future earnings, growth and
financial and operating performance. Forward-looking statements are
not intended to be a guarantee of future results, but instead
constitute AES’ current expectations based on reasonable
assumptions. Forecasted financial information is based on certain
material assumptions. These assumptions include, but are not
limited to, our accurate projections of future interest rates,
commodity price and foreign currency pricing, continued normal
levels of operating performance and electricity volume at our
distribution companies and operational performance at our
generation businesses consistent with historical levels, as well as
the execution of PPAs, conversion of our backlog and growth
investments at normalized investment levels and rates of return
consistent with prior experience.
Actual results could differ materially from those projected in
our forward-looking statements due to risks, uncertainties and
other factors. Important factors that could affect actual results
are discussed in AES’ filings with the Securities and Exchange
Commission (the “SEC”), including, but not limited to, the risks
discussed under Item 1A: “Risk Factors” and Item 7: Management's
Discussion & Analysis in AES’ 2018 Annual Report on Form 10-K
and in subsequent reports filed with the SEC. Readers are
encouraged to read AES’ filings to learn more about the risk
factors associated with AES’ business. AES undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2018 Annual
Report on Form 10-K filed February 27, 2019 with the SEC may obtain
a copy (excluding Exhibits) without charge by addressing a request
to the Office of the Corporate Secretary, The AES Corporation, 4300
Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be
requested, but a charge equal to the reproduction cost thereof will
be made. A copy of the Form 10-K may be obtained by visiting the
Company’s website at www.aes.com.
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