ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
December 01 2016 - 7:00AM
Business Wire
ENGIE and AES Andres DR, S.A. (AES Andres), a subsidiary of
The AES Corporation (NYSE: AES), have agreed to enter into a
binding joint marketing agreement for liquefied natural gas (LNG),
effective immediately for a period of up to 12 years. The
partnership will combine ENGIE and AES’ strengths to foster growth
in LNG and natural gas sales in the Caribbean.
ENGIE and AES Andres will jointly market 0.7 million tonnes per
annum (mtpa) of LNG. The objective is to provide a cleaner and more
cost-effective alternative to oil-fueled power generation, while
satisfying a growing need for natural gas in the region. The
agreement will pave the way to supply industrial customers and
develop small scale demand.
Under the agreement, ENGIE will manage its commitment to deliver
up to 0.7 mtpa from its diversified LNG portfolio, primarily via
its supply from the Cameron gas liquefaction project in the U.S.,
expected to come on line in 2018. AES Andres will provide access to
its regasification asset in the Dominican Republic, which has an
annual capacity of approximately 1.5 mtpa.
This partnership further strengthens the two groups’
relationship following the signing of a supply agreement earlier
this year between ENGIE and Gas Natural Atlántico, an affiliate of
AES in Colón Panama, under which ENGIE will provide up to 0.4 mtpa
of LNG at Panama’s Costa Norte LNG terminal beginning in 2018.
Philip Olivier, Chief Executive Officer of ENGIE GLOBAL LNG
declared, “We are delighted to initiate this new partnership
with AES, which has an attractive existing platform for LNG import.
This agreement underlines the value that ENGIE, as a major LNG
player, can bring to utilities and end users such as AES through
its LNG portfolio, its access to the global LNG markets, and
ultimately its know-how in packaging natural gas as a flexible
product that responds to its customer needs.”
“We are proud of our leadership in bringing LNG to the Dominican
Republic and the Caribbean, and are happy to partner with ENGIE to
provide a competitive and reliable source of LNG by leveraging
ENGIE’s LNG position and our existing infrastructure,” said Manuel
Perez Dubuc, President of AES Mexico, Central America and the
Caribbean.
About ENGIE
ENGIE develops its businesses (power, natural gas, energy
services) around a model based on responsible growth to take on the
major challenges of energy’s transition to a low-carbon economy:
access to sustainable energy, climate-change mitigation and
adaptation and the rational use of resources. The Group provides
individuals, cities and businesses with highly efficient and
innovative solutions largely based on its expertise in four key
sectors: renewable energy, energy efficiency, liquefied natural gas
and digital technology. ENGIE employs 154,950 people worldwide and
achieved revenues of €69.9 billion in 2015. The Group is listed on
the Paris and Brussels stock exchanges (ENGI) and is represented in
the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50,
Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI
Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and
France 20). To know more, please visit www.engie.com. Follow ENGIE
on Twitter @ENGIEgroup.
About AES Andres
AES Andres is a 319 MW gas-fired electricity generation facility
and 160,000 cubic meter LNG storage and regasification facility
located in the Dominican Republic. AES has a 90% ownership interest
in AES Andres.
About AES
The AES Corporation (NYSE:AES) is a Fortune 200 global power
company. We provide affordable, sustainable energy to 17 countries
through a diverse portfolio of distribution businesses as well as
thermal and renewable generation facilities. Our workforce of
21,000 people is committed to operational excellence and meeting
the world’s changing power needs. AES’ 2015 revenues were $15
billion, and we own and manage $37 billion in total assets. To
learn more, please visit www.aes.com. Follow AES on Twitter
@TheAESCorp.
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
achievements of planned productivity improvements and incremental
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’ 2015 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 2015 Annual
Report on Form 10-K dated on or about February 23, 2016 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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ENGIE Investor Contact:+33 (0)1 44 22 66 29orENGIE Media
Contact:+33 (0)1 44 22 24 35orAES Investor Contact:Ahmed Pasha,
703-682-6451orAES Media Contact:Vincent Sipowicz, 703-682-6476
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