CONSOL Energy and AES Greenidge Announce Successful Demonstration of Multi-Pollutant...
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CONSOL Energy and AES Greenidge Announce Successful Demonstration of Multi-Pollutant Control Technology for Smaller Coal-Fired Plants Emissions of Sulfur Dioxide, Mercury, Particulate Matter and Acid Gases Reduced By More than 95 Percent PITTSBURGH and ARLINGTON, Va., April 7 /PRNewswire-FirstCall/ -- CONSOL Energy Inc. (NYSE: CNX) and AES Greenidge LLC, part of AES Eastern Energy, L.P., a wholly-owned subsidiary of The AES Corporation (NYSE: AES), announced today that they have successfully demonstrated a compact, cost-effective multi-pollutant control technology that is well suited for reducing air emissions from smaller coal-fired power plants. There are more than 400 smaller coal-fired plants, with capacities between 50 MW and 300 MW that are currently operating in the U.S. The demonstration project was part of the U.S. Department of Energy's (DOE) Power Plant Improvement Initiative and also included Babcock Power Environmental Inc. as engineering, procurement and construction contractor. The DOE's National Energy Technology Laboratory oversaw the project through a cooperative agreement with CONSOL. The multi-pollutant control technology was installed on AES Greenidge's 100 MW Unit 4 in Dresden, New York, and began operating in early 2007. Performance testing data collected through June 2008 showed average removal efficiencies of 96 percent for sulfur dioxide, 95 percent for sulfur trioxide, 97 percent for hydrogen chloride, and 98 percent for mercury. Emissions of nitrogen oxides were also significantly reduced and particulate matter emissions were reduced by more than 98 percent relative to the emission rate observed prior to installation of the technology. "CONSOL Energy is pleased to have played a major role, along with the DOE and AES Greenidge, in demonstrating this highly effective multi-pollutant control technology," said J. Brett Harvey, CONSOL Energy's president and CEO. "We believe it will help our customers meet increasingly stringent environmental regulations with their smaller plants. These plants have a combined capacity of almost 60,000 MW and collectively they are essential to our nation's electricity supply." "The multi-pollutant control project with CONSOL Energy, Babcock Power Environmental, and the DOE has enabled us to deliver a valuable source of electricity for the region, while continuing to lower emissions in a cost-effective way. This project is an example of the initiatives AES Eastern Energy has taken to reduce total air emissions," said Doug Roll, Plant Manager at AES Greenidge. Since acquiring its New York plants in 1999, AES Eastern Energy has invested approximately $150 million in environmental modifications that have substantially reduced emissions of sulfur dioxide, mercury, particulate matter, nitrogen oxide and acid gases. The multi-pollutant control system at AES Greenidge cost 40 percent less to construct and required significantly less land area than conventional selective catalytic reduction and wet flue gas desulfurization technologies when applied to a 100 MW unit. The system included Fuel Tech's NOxOUT CASCADE(R) hybrid selective non-catalytic reduction / selective catalytic reduction technology to control nitrogen oxides and Babcock Power's Turbosorp(R) circulating fluidized bed dry scrubbing technology to control sulfur dioxide, mercury, sulfur trioxide, hydrogen chloride, and particulate matter. The project at AES Greenidge represented the first application in which these technologies were combined to form an integrated multi-pollutant control system, as well as the first application of either technology to a unit firing high-sulfur coal. About CONSOL Energy CONSOL Energy Inc., a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and has annual revenues of $4.7 billion. It has 17 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It received the U.S. Department of the Interior's Office of Surface Mining National Award for Excellence in Surface Mining for the company's innovative reclamation practices in 2002, 2003 and 2004. Also in 2003, the company was listed in Information Week magazine's "Information Week 500" list for its information technology operations. In 2002, the company received a U.S. Environmental Protection Agency Climate Protection Award. Additional information about the company can be found at its web site: www.consolenergy.com. CNX Gas is a natural gas exploration and production company, and is a majority-owned subsidiary of CONSOL Energy Inc. Both companies are headquartered in the Pittsburgh area. For purposes of this press release, references to "CONSOL Energy," the "company," "we," "our," or "us" or similar words (other than the legal names of companies) shall include CONSOL Energy Inc. and its respective subsidiaries. Forward-Looking Statements Various statements in this document, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "would," "will," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, uncertainties and contingencies include, but are not limited to: the deteriorating economic conditions; an extended decline in prices we receive for our coal and gas affecting our operating results and cash flows; reliance on customers honoring existing contracts, extending existing contracts or entering into new long-term contracts for coal; reliance on major customers; our inability to collect payments from customers if their creditworthiness declines; the disruption of rail, barge and other systems that deliver our coal; a loss of our competitive position because of the competitive nature of the coal industry and the gas industry, or a loss of our competitive position because of overcapacity in these industries impairing our profitability; our inability to hire qualified people to meet replacement or expansion needs; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion; the inability to produce a sufficient amount of coal to fulfill our customers' requirements which could result in our customers initiating claims against us; foreign currency fluctuations could adversely affect the competitiveness of our coal abroad; the risks inherent in coal mining being subject to unexpected disruptions, including geological conditions, equipment failure, timing of completion of significant construction or repair of equipment, fires, accidents and weather conditions which could impact financial results; increases in the price of commodities used in our mining operations could impact our cost of production; obtaining governmental permits and approvals for our operations; the effects of proposals to regulate greenhouse gas emissions; the effects of government regulation; the effects of stringent federal and state employee health and safety regulations; the effects of mine closing, reclamation and certain other liabilities; uncertainties in estimating our economically recoverable coal and gas reserves; the outcomes of various legal proceedings, which proceedings are more fully described in our reports filed under the Securities Exchange Act of 1934; increased exposure to employee related long-term liabilities; minimum funding requirements by the Pension Protection Act of 2006 (the Pension Act) coupled with the significant investment and plan asset losses suffered during the current economic decline has exposed us to making additional required cash contributions to fund the pension benefit plans which we sponsor and the multi-employer pension benefit plans in which we participate; lump sum payments made to retiring salaried employees pursuant to our defined benefit pension plan; our ability to comply with laws or regulations requiring that we obtain surety bonds for workers' compensation and other statutory requirements; acquisitions that we recently have made or may make in the future including the accuracy of our assessment of the acquired businesses and their risks, achieving any anticipated synergies, integrating the acquisitions and unanticipated changes that could affect assumptions we may have made; the anti-takeover effects of our rights plan could prevent a change of control; risks in exploring for and producing gas; new gas development projects and exploration for gas in areas where we have little or no proven gas reserves; the disruption of pipeline systems which deliver our gas; the availability of field services, equipment and personnel for drilling and producing gas; replacing our natural gas reserves which if not replaced will cause our gas reserves and gas production to decline; costs associated with perfecting title for gas rights in some of our properties; location of a vast majority of our gas producing properties in three counties in southwestern Virginia, making us vulnerable to risks associated with having our gas production concentrated in one area; other persons could have ownership rights in our advanced gas extraction techniques which could force us to cease using those techniques or pay royalties; our ability to acquire water supplies needed for drilling, or our ability to dispose of water used or removed from strata at a reasonable cost and within applicable environmental rules; the coalbeds and other strata from which we produce methane gas frequently contain impurities that may hamper production; the enactment of Pennsylvania severance tax on natural gas may impact results of existing operations and impact the economic viability of exploiting new gas drilling and production opportunities in Pennsylvania; our hedging activities may prevent us from benefiting from price increases and may expose us to other risks; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission. About The AES Corporation The AES Corporation (NYSE: AES) is a global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we safely provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2008 revenues were $16 billion and we manage more than $35 billion in total assets. To learn more, please visit www.aes.com. 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's 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's filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES's 2008 Annual Report on Form 10-K. Readers are encouraged to read AES's filings to learn more about the risk factors associated with AES's business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE CONSOL Energy Inc. Joseph Cerenzia, CONSOL Energy Inc., +1-724-485-4062; or Meghan Dotter, AES, +1-703-682-6670
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