FuelCell Energy Applauds Connecticut Electric Grid Resiliency Enhancement Proposal using Fuel Cells
February 23 2017 - 4:50PM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the
design, manufacture, operation and project development of
ultra‐clean, efficient and reliable fuel cell power plants,
applauds Connecticut House Bill 7036 that is a proposed act to
enable electric utilities in Connecticut to acquire fuel cell power
plants for the purpose of enhancing the reliability of the
electric distribution system, which then results in the utilities
avoiding or being able to defer expensive distribution system
upgrades. The proposal includes provisions that seek to make
efficient use of existing infrastructure and sites, such as urban
brownfields. Supportive comments from utilities and other
stakeholders made during a public hearing held February 21, 2017,
are available by clicking here.
Fuel cell power plants represent American innovation and
American manufacturing and are well-suited for addressing energy
resiliency needs of utilities while providing economic benefits to
municipalities and State government, in addition to offering a
reliable, predictable and cost effective resource. With their
compact footprint and high power density, fuel cell power plants
are the ideal clean energy resource for siting in locations where
resiliency and local power are needed. Further, fuel cells
generate predictable power while avoiding pollutants such as
smog-producing NOX, acid-rain inducing SOX and particulates, making
their installation in urban areas even more valuable.
“We appreciate this initiative by the State and the growing
awareness of the multiple value drivers of fuel cells to a variety
of stakeholders,” said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy. “Our fuel cell projects provide
affordable power, plus the in-state clean power generation
strengthens and adds reliability to the grid while generating tax
revenue and economic development at the local and State levels, all
of which benefits local ratepayers and utilities. We have multiple
projects under development which support Connecticut’s goals.”
“By locating fuel cells near where the power is used costly
transmission and system upgrades are avoided or deferred,” said
Frank Wolak, Vice President Business Development, FuelCell
Energy. “Additionally, fuel cell projects can convert urban
brownfields back into property tax payers, generate sales taxes to
States, and support the domestic economy with innovation created
and manufactured in America.”
Additional benefits to ratepayers from the proposed bill
include:
- Low-cost approach for the State to achieve an optimum level of
security, reliability and resiliency with the power grid.
- Advances numerous State policy goals including clean and
resilient power manufactured in-state that provides significant
sales tax revenue to the State along with much-needed revenue to
struggling municipalities through new local property tax
payments.
- Low execution risk as demonstrated by five utility-owned fuel
cell installations operating in Connecticut, delivered within the
Public Utilities Ratepayer Association budget and on-schedule,
enhancing resiliency and contributing to the State Renewable
Portfolio Standard.
Multi-megawatt fuel cell parks offer a multitude of advantages
for utilities and neighboring communities, including:
- Environmentally friendly power generation with virtually zero
nitrogen oxide (NOx) that causes smog, sulfur dioxide (SOx) that
contributes to acid rain, or particulate matter (PM) that
aggravates asthma, and the power is delivered with a low carbon
footprint
- Provides meaningful contributions to the State’s Renewable
Portfolio Standards. The 15 megawatt Dominion Bridgeport Fuel
Cell Park is one of the largest producers of Renewable Energy
Credits in the state of Connecticut.
- Distributed power generation places power near where it is
used, enhancing the resiliency of the grid
- Highly efficient power generation process that is affordable to
ratepayers
- Provides significant municipal and state level tax
benefits
- Continuous renewable power around the clock that is not reliant
on weather or time of day
- Rapid construction with a 59 megawatt fuel cell park
constructed in only 14 months
About FuelCell EnergyDirect FuelCell® power
plants are generating ultra-clean, efficient and reliable power on
three continents, affordably providing continuous distributed power
generation to a variety of industries including utilities,
commercial and municipal customers. The Company’s power
plants have generated billions of kilowatt hours of ultra-clean
power using a wide variety of fuels including renewable biogas from
wastewater treatment and food processing, as well as clean natural
gas. For additional information, please visit
www.fuelcellenergy.com and follow us on Twitter.
Direct FuelCell, DFC, DFC/T, DFC-H2, DFC-ERG and FuelCell Energy
logo are all registered trademarks of FuelCell Energy, Inc.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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