AES Announces Inauguration of AES Colón CCGT and Central America’s First LNG Terminal
August 17 2018 - 7:00AM
Business Wire
With the new facility, AES will utilize U.S. natural gas exports
to drive economic development and facilitate the reshaping of
Panama’s energy matrix
The AES Corporation (NYSE: AES) today inaugurated AES Colón, a
381 MW combined cycle power plant and the first liquified natural
gas (LNG) terminal in Central America. The plant and regasification
terminal are expected to begin commercial operations on September
1, 2018 and the LNG tank, which will be the largest in the
Caribbean, is expected to begin operations on schedule in the
second half of 2019. The combined facility, which represents a
$1.15 billion investment, satisfies a growing need for natural gas
in Central America and the Caribbean and will provide an
alternative to oil-fired power generation. AES Colón will expand
the use of LNG exports from the United States, to drive economic
development and shape a cleaner, more cost-effective energy future
in Central America and the Caribbean.
“The inauguration of AES Colón is a significant step toward
diversifying the energy mix in Central America and the Caribbean,
introducing cleaner alternatives in Panama and beyond,” said Andrés
Gluski, AES President and Chief Executive Officer. “We expect that
the entry of low-cost, U.S. LNG will transform the Central American
energy sector, much as it has in the Dominican Republic. This
facility is the latest example of how innovation is driving a
cleaner energy future on a global scale.”
AES Colón will provide a cleaner alternative to petroleum-based
fuels in Central America and the Caribbean. Initially, AES Colón
will use 20 Trillion Thermal British thermal units (TBtu) annually,
with U.S. gas exports totaling roughly $140 million. The LNG
terminal has a capacity of 80 TBtus, creating the total potential
for more than half a billion dollars per year in U.S. gas exports.
The 60 TBtus of excess capacity available through AES Colón will
allow for distribution across Central American countries for
electricity generation, commercial and industrial customers,
transportation and bunkering.
AES brings more than 15 years of experience in LNG terminal
operation to Colón, with a similar generation facility and LNG
terminal in the Dominican Republic that has contributed
significantly to the sustainability of the energy sector. The
generation facility and LNG terminal have helped avoid
approximately 4 million tons of carbon dioxide emissions that would
have otherwise been emitted by using imported petroleum products to
generate electricity while saving the country hundreds of millions
of dollars per year.
AES Colón was completed in 27 months, and during construction,
the project created more than 2,500 jobs. Once in operations, the
facility will create about 200 jobs.
As a leading sustainable energy company, AES’ diverse
combination of generation sources creates the strength and
flexibility to adapt to local and regional market needs, maximize
power plant efficiency, and provide reliable and affordable
electricity, paving the way for a cleaner energy future.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power
company. We provide affordable, sustainable energy to 15 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 2017 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
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’ 2017 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 2017 Annual
Report on Form 10-K dated on or about February 26, 2018 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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The AES CorporationInvestor Contact:Ahmed Pasha,
703-682-6451orMedia Contact:Amy Ackerman, 703-682-6399
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