Williams Announces Plans to Develop Solar Power at Key Facilities
May 28 2020 - 8:30AM
Business Wire
- Newly formed company to capture generous federal and state tax
credits
- Current market structure allows Williams to take advantage of
load following natural gas-powered generation already supporting
the grid
- On-site solar power generation avoids energy waste during
long-distance transmission
- Initial sites identified in nine states near Williams’ natural
gas operations
Williams (NYSE: WMB) today announced that it is taking steps to
develop solar energy installations at its facilities to provide
electricity to the company’s existing natural gas transmission and
processing operations, an investment made possible through generous
federal and state tax credits. The move builds on the company’s
natural gas-focused strategy, with natural gas generation bringing
reliability to the electric power grid and allowing for growth in
renewable energy.
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Natural gas and renewables are
complementary energy sources as illustrated by this graphic.(Photo:
Business Wire)
“This initiative demonstrates our ability to leverage Williams’
core business to create complementary renewable energy investment
opportunities that provide attractive shareholder returns while
preserving the environment for future generations,” said Alan
Armstrong, Williams President and CEO. “Natural gas is key to our
country’s ability to add more renewable energy to the power grid in
large volumes; it is a clean, affordable fuel that can quickly
provide power when renewable energy sources are producing less due
to the variability of sunlight and wind.”
Williams has been identifying locations where solar power
installations are both economic and can be primarily sited on
company-owned land that is adjacent to existing facilities. Sites
under consideration span Williams’ footprint, with initial sites
identified in Alabama, Colorado, Georgia, Louisiana, New Jersey,
North Carolina, Ohio, Pennsylvania and Virginia. These facilities
are expected to be placed into service beginning late 2021. In
total, Williams’ facilities currently draw an average of over 400
megawatts of electricity, purchased from the grid. Williams
anticipates that agreements with local utilities will allow excess
solar power not used by existing facilities to be sold back into
the grid.
“Given the current market structures and tax incentives, we are
able to make these attractive incremental investments while
continuing to enjoy the reliability that the grid provides via
natural gas fired power generation,” said Armstrong. “In addition,
solar installations at self-consuming industrial sites like this
make more sense because there is less incremental land use and less
power transmission voltage losses.”
Click here for more information about Williams’ solar
initiative.
About Williams
Williams (NYSE: WMB) is committed to being the leader in
providing infrastructure that safely delivers natural gas products
to reliably fuel the clean energy economy. Headquartered in Tulsa,
Oklahoma, Williams is an industry-leading, investment grade C-Corp
with operations across the natural gas value chain including
gathering, processing, interstate transportation and storage of
natural gas and natural gas liquids. With major positions in top
U.S. supply basins, Williams connects the best supplies with the
growing demand for clean energy. Williams owns and operates more
than 30,000 miles of pipelines system wide – including Transco, the
nation’s largest volume and fastest growing pipeline – and handles
approximately 30 percent of the natural gas in the United States
that is used every day for clean-power generation, heating and
industrial use. www.williams.com
Portions of this document may constitute “forward-looking
statements” as defined by federal law. Although the company
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Any such statements are made in reliance on the “safe
harbor” protections provided under the Private Securities Reform
Act of 1995. Additional information about issues that could lead to
material changes in performance is contained in the company’s
annual and quarterly reports filed with the Securities and Exchange
Commission.
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MEDIA: media@williams.com (800) 945-8723
INVESTOR CONTACTS: Brett Krieg (918) 573-4614
Grace Scott (918) 573-1092
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