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BADEN, SWITZERLAND —March 25, 2019—Continuing its commitment to invest in its mature gas turbine fleets to keep them competitive in today’s dynamic energy marketplace, GE (NYSE: GE) today announced the launch order for its new GT26 HE (high efficiency) gas turbine upgrade with Uniper for the utility’s Enfield Power Station in greater London.

“We’re proud to launch our new GT26 HE upgrade with Uniper—it’s the most advanced solution we’ve ever introduced on a GT26 gas turbine, and one of our most efficient upgrades within the F-class portfolio,” said Scott Strazik, president and CEO of GE’s new Gas Power business. “Not only will this upgrade revitalize Uniper’s Enfield power plant, it will also improve its competitive position in the Great Britain generation market, supporting its long-term profitability and viability.”

The GT26 HE upgrade also marks other GE firsts:

  • First upgrade that takes the best technologies and capabilities from GE’s industry-leading F and H class fleets to create a robust solution for GT26 power plant operators.
  • First upgrade that blends both GE and Alstom’s technology and expertise across all major components of a gas turbine solution.

Key performance benefits[1] include:

  • Higher efficiency for combined-cycle power plants:
    • 2+ percent base load increased efficiency, translating to as much as $4 million in fuel savings annually per unit.
    • Up to 1 percent increased efficiency in part load, yielding up to $1 million in fuel savings a year per unit.
  • Increased plant output from 15 megawatts (MW) up to 55 MWs per unit, improving revenue opportunities.
  • Extended inspection intervals up to 32,000 hours, reducing long-term maintenance costs.

Helping Revitalize Uniper’s Enfield Power Station

Uniper’s Enfield power plant in London will be the first site to install the new GT26 HE technology in 2020 with several significant benefits that GE expects to exceed. These benefits will include increased megawatt output, improved plant and gas turbine efficiency, and extended maintenance intervals and operating hours to enable Enfield to consistently elevate its position on the dispatch curve in the highly competitive U.K. power market and ramp up its annual operating hours.

“We’re very pleased to be working with GE on this new technology upgrade,” said Eckhardt Rümmler, chief operating officer, Uniper SE. “In Great Britain’s very competitive and challenging power generation environment, investing to keep our plants competitive by lowering operational and maintenance costs at the same time as increasing efficiency and flexibility is critical for the long-term success of our fleet.”

“The opportunity to test GE’s pioneering GT26 HE upgrade at our Enfield plant, combined with our longstanding relationship with GE and trust in its technology and services were key reasons we chose the company for this project,” added Mike Lockett, chief commercial officer, power, for the Uniper Group and Uniper U.K. country chairman.

H-Class Technology Infusion Drives High-Efficiency Performance

The GT26 HE upgrade provides a leap forward in efficiency, output and maintenance interval extensions. It’s powered partly through advanced technology from GE’s flagship HA gas turbine, the largest and most efficient in the industry, with additive manufactured parts and innovations in aerodynamics, material science and combustion dynamics. It embeds technology breakthroughs across every major component of the GT26 frame—turbine, compressor and combustor—to take turbine performance to a new level, significantly decreasing fuel costs while increasing full-load output and extending maintenance intervals.

The new upgrade also features the best of GE’s research and development centers in both the United States and Switzerland, including unique engineering elements:

  • A low-pressure turbine used in GE’s H-class technology.
  • High-pressure turbine improvements to increase efficiency, utilizing GE’s F-class technology.
  • Advanced combustor engineering incorporating additive manufactured parts to deliver high performance, reduce cooling requirements by approximately 15 percent and lower relative emissions.
  • A new 3D aero-profile compressor configuration to provide best-in-class base-load and part-load performance.

To view a video about GE’s project with Uniper, please click here.

About Uniper

Uniper is an international energy company with around 12,000 employees and operations in 40 countries. It combines a balanced portfolio of technologically advanced large-scale assets with outstanding technical and commercial expertise—tailoring energy solutions and managing complexity for its customers.

In Britain, Uniper operates a flexible and diverse generation portfolio, sufficient to power around six million homes. With its seven-strong fleet of power stations and its flexible, fast-cycle gas storage facility at Holford, in Cheshire, it makes a solid and tangible contribution to Britain’s energy supply security.

Uniper also offers a broad range of commercial activities through its Engineering Services division, while the well-established Uniper Engineering Academy delivers high-quality technical training and government-accredited apprenticeship programmes for the utility, manufacturing and heavy industry sectors, at its purpose-built facilities near Nottingham.

https://www.uniper.energy/uk

About GE

GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers. www.ge.com

About GE Power

GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world’s largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
For more information, visit the company's website at www.gepower.com. Follow GE Power on Twitter @GE_Power and on LinkedIn at GE Power.

* Trademark of GE; may be registered in one or more countries



[1] Indicative values based on:

  • Rating GT26 2006 configuration
  • 6,500 yearly operating hours
  • 4,000 full load hours yearly
  • $7/MMBtu fuel price
  • $57/MWH electricity price

DHAKA, BANGLADESH, March 18, 2019: Adhering to their commitment to provide reliable and affordable electricity in Bangladesh, Summit and GE Power (NYSE: GE) announced they will proceed with the co-development of Summit Meghnaghat II, a 583 MW combined cycle gas power plant at Meghnaghat, near Dhaka, Bangladesh. The announcement follows the signing of a 22-year Power Purchase Agreement (PPA) between Summit Meghnaghat II Power Company Limited (SMIIPCL), a subsidiary of Summit Group, and the Bangladesh Power Development Board (BPDB). SMIIPCL also signed several other agreements, with the Government of Bangladesh, Power Grid Company of Bangladesh (PGCB), Bangladesh Petroleum Corporation (BPC) and Titas Gas Transmission and Distribution Company Limited. The power plant is expected to be operational by 2022 and will generate the equivalent electricity needed to supply up to 700,000 homes in Bangladesh.

Summit and GE Power signed the equipment and engineering, procurement, and construction (EPC) scope of the project in 2017, while the services agreement was signed in 2018. Together, the two agreements are worth approximately $390 million.

“The phenomenal growth of Bangladesh in the last decade has established Bangladesh as a role model. Summit is proud to have played a role in it. With today’s 583 MW project, Summit embarks upon investing four billion dollars in the next five years to help eradicate poverty, create employment and support Bangladesh to achieve SDGs.” said Muhammed Aziz Khan, Founder Chairman of Summit Group.

GE Power will be providing the turnkey solution for the Summit Meghnaghat II power project, and is responsible for the design of the facility, supply and installation of the equipment and commissioning works. The equipment being provided by GE includes one 9HA.01 gas turbine, one heat recovery steam generator (HRSG), one steam turbine generator, condenser and associated systems, as well as balance of plant (BOP) solutions. Additionally, GE will provide services including the maintenance and repairs of the power generation equipment at the facility for a period of 20 years, helping to sustain the efficiency, reliability, performance and availability of the plant. It will also result in a higher plant load factor (PLF) of the facility over the years, ensuring the lower cost of generation of electricity.

“Bangladesh’s power sector is undergoing a transformational shift as the Government takes conducive policy decisions and actions to meet the targeted 40 GW of installed power capacity by 2030,” said Deepesh Nanda, CEO, Gas Power Systems, GE South Asia. “GE’s long-term association with Summit is a testimony to our efforts to support this transformation by introducing advanced, innovative solutions into Bangladesh’s energy ecosystem. This will contribute towards providing uninterrupted access to electricity to all, benefiting households, businesses and industries across the country.” he added.  

Summit is amongst the largest independent power producers (IPP) in Bangladesh, generating close to 2 gigawatts (GW) for the national grid. The company’s relationship with GE dates back more than a decade, with GE’s 9E and 9F gas turbines currently powering Summit’s 335 MW Meghnaghat I and 341 MW Bibiyana II combined cycle power plants, respectively. Summit is committed to bringing advanced technology to Bangladesh’s power sector and has chosen GE’s HA fleet to equip its upcoming power plants in the country.

GE’s HA technology has now helped to deliver two world records - one for powering the world’s most efficient combined cycle power plant, based on achieving 63.08 percent gross efficiency at Chubu Electric Nishi-Nagoya Power Plant Block-1 in Japan and another for helping EDF’s Bouchain Power Plant achieve 62.22 percent net combined cycle efficiency in France. As such, it is recognized for record-setting efficiency in both the 60 hertz and 50 hertz segments of the global power market. Moreover, the turbines deliver industry-leading operational flexibility, contributing to increased dispatch and ancillary revenue, and exceptionally low life-cycle costs per megawatt.

Today, GE Power’s HA gas turbine technology has achieved more than 270,000 operating hours across more than 30 units in operation, with 86 orders of the technology from more than 35 customers in 16 countries globally.

-ends-

About Summit

Summit is the largest independent power producer (IPP), generating around 2 gigawatts (GW) for the national grid and is also the largest infrastructure conglomerate in Bangladesh. Summit is also implementing a Floating Storage and Regasification Unit (FSRU) off the coast of Moheshkhali, Cox’s Bazar with storage capacity of 138,000 m³ and regasification capacity of 500 mmcfd. This is expected to be commissioned by mid-April 2019, ahead of contracted schedule. In addition to this Summit, Mitsubishi and GE have planned to invest USD 3 Billion in Bangladesh for the proposed gas-to-power project including four units of 600 MW combined cycle power plants (total generating capacity of 2,400 MW) powered by GE’s flagship 9HA gas turbines, two units of on-shore LNG terminal with total of 380,000 m³ capacity at Matarbari, Moheshkhali.

For more information please visit www.summitpowerinternational.com, and follow Summit on Twitter  and on LinkedIn.

Contacts:

Mohsena Hassan

Summit Corporation Limited

+88 01713081905

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About GE Power

GE Power is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world’s electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world’s energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power, and follow GE Power on Twitter  and on LinkedIn.

Contacts:

Tarun Nagrani

GE South Asia

+91 124 4906760

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***

Homes, commercial buildings, metros and cities are going green, with energy efficiency. Now it is the turn of factories to make a buzz.

For factories, going smart and efficient is no longer a one-time effort but a constantly changing goalpost where energy efficiency and automation are set to...

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Smartness lies in grabbing the low hanging fruits. In the context of solar energy, the low hanging fruit is all about using the sun’s heat for drying. Ask Chidambaram Palaniappan, who has been in the field for over three decades and whose company, Sun Best, has about 275 installations to its...

Country’s utilities and government regulators are focused on aggressive electrification, decentralization, and digitization efforts, report finds

A second structural impediment to fully realizing DER benefits is the current grid planning approach, which biases grid design toward traditional infrastructure rather than distributed alternatives, even if distributed solutions better meet grid needs. Outdated planning approaches rely on static assumptions about DER capabilities and focus primarily on mitigating potential DER integration challenges, rather than proactively harnessing these flexible assets.

Section II demonstrated how California could realize an additional $1.4 billion per year by 2020 in net benefits from the deployment of new DERs during the 2016-2020 timeframe. This state-wide methodology was then applied to the planned distribution capacity projects for California’s most recent GRC request, showing how the deployment of DERs in lieu of planned distribution capacity expansion projects in PG&E’s next rate case could save customers over $100 million. 

Motivated by the challenge faced in designing a grid appropriate to the 21st century, this report first focuses on determining the quantifiable net economic benefits that DERs can offer to society. The approach taken builds on existing avoided cost methodologies – which have already been applied to DERs by industry leaders – while introducing updated methods to hardto-quantify DER benefit categories that are excluded from traditional analyses. While the final net benefit calculation derived in this report is specific to California, the overall methodological advancements developed here are applicable across the U.S. Moreover, the ultimate conclusion from this analysis – that DERs offer a better alternative to many traditional infrastructure solutions in advancing the 21st century grid – should also hold true across the U.S., although the exact net benefits of DERs will vary across regions.

Designing the electric grid for the 21st century is one of today’s most important and exciting societal challenges. Regulators, legislators, utilities, and private industry are evaluating ways to both modernize the aging grid and decarbonize our electricity supply, while also enabling customer choice, increasing resiliency and reliability, and improving public safety, all at an affordable cost.

The share of renewables in overall power generation is rapidly increasing, both in developed and developing countries. Furthermore, many countries have ambitious targets to transform their power sector towards renewables. To achieve these objectives, the structure and operation of existing power grid infrastructures will need to be revisited as the share of renewable power generation increases.

Renewable energy technologies can be divided into two categories: dispatchable (i.e. biomass, concentrated solar power with storage, geothermal power and hydro) and non-dispatchable, also known as Variable Renewable Energy or VRE (i.e. ocean power, solar photovoltaics and wind). VRE has four characteristics that require specific measures to integrate these technologies into current power systems: 1) variability due to the temporal availability of resources; 2) uncertainty due to unexpected changes in resource availability; 3) location-specific properties due to the geographical availability of resources; and 4) low marginal costs since the resources are freely available.

A transition towards high shares of VRE requires a re-thinking of the design, operation and planning of future power systems from a technical and economic point of view. In such a system, supply and demand will be matched in a much more concerted and flexible way. From a technical perspective, VRE generation can be ideally combined with smart grid technologies, energy storage and more flexible generation technologies. From an economic perspective, the regulatory framework will need to be adjusted to account for the cost structure of VRE integration, to allow for new services and revenue channels, and to support new business models.

There are several technological options that can help to integrate VRE into the power system grid: system-friendly VREs, flexible generation, grid extension, smart grid technologies, and storage technologies. New advances in wind and solar PV technologies allow them to be used over a wider range of conditions and provide ancillary services like frequency and voltage control. Flexible generation requires changes in the energy mix to optimise production from both dispatchable and non-dispatchable resources. Smart grid technologies can act as an enabler for VRE integration, given their ability to reduce the variability in the system by allowing the integration of renewables into diverse electricity resources, including load control (e.g. Demand Side Management (DSM), Advanced Metering Infrastructure (AMI), and enhancing the grid operation and therefore helping to efficiently manage the system’s variability by implementing advanced technologies (e.g. smart inverters, Phasor Measurement Unit (PMU) and Fault Ride Through (FRT) capabilities).

Energy storage technologies can alleviate short-term variability (up to 2 Renewable Energy Integration in Power Grids | Technology Brief several hours), or longer-term variability through pumped-storage hydroelectricity, thermal energy storage or the conversion of electricity into hydrogen or gas.

Two immediate applications for deploying innovative technologies and operation modes for VRE integration are mini-grids and island systems. The high costs for power generation in these markets make VREs and grid integration technologies economically attractive since they can simultaneously improve the reliability, efficiency and performance of these power systems. This is, for example, the case of the Smart Grid demonstration project in Jeju Island, South Korea.

Furthermore, the right assessment and understanding of VRE integration costs are relevant for policy making and system planning. Any economic analysis of the transition towards renewables-based power systems should, therefore, consider all different cost components for VRE grid integration, such as grid costs (e.g. expansion and upgrading), capacity costs and balancing costs. Integration costs are due not only to the specific characteristics of VRE technologies but also to the power system and its adaptability to greater variability. Therefore, these costs should be carefully interpreted and not entirely attributed to VRE, especially when the system is not flexible enough to deal with variability (i.e. in the short-term).

Moreover, RE integration delivers broader benefits beyond purely economic ones, such as social and environmental benefits. Even though not straightforward, these externalities should be considered and quantified in order to integrate them into the decision-making process and maximise socio-economic benefits.

Due to the rapid technological progress and multiple grid integration options available, policy makers should build a framework for RE grid integration based on the current characteristic of the system, developing technological opportunities and long-term impacts and targets. In particular, policy makers should adopt a long-term vision for their transition towards renewables and set regulatory frameworks and market designs to foster both RE development and management of greater system variability. Such regulatory frameworks could include new markets for ancillary services and price signals for RE power generators that incentivise the reduction of integration costs.

Source: IEA-ETSAP and IRENA

The Power Ministry and the CEA are working on greener options. The new guidelines will be issued shortly.

The company's transmission and distribution (T&D) business has secured projects of Rs 771 crore primarily in international markets.

Renewable energy firms are continuing with aggressive bids for solar projects as there is more comfort on availability of land and transmission now, in the state.

Dhoot Transmission has no immediate plans for further acquisitions but is open for any new opportunities.

The share purchase agreement for this acquisition was signed in November 2018.a company statement said.

The positive response to the tender has come largely on account of the government actively trying to address land and transmission issues.

HOUSTON--(BUSINESS WIRE)--Ruths.ai, a trusted leader in oil and gas analytics, expands its Technical Advisory Board with the addition of Dr. Mark Zoback, Stanford University Professor of Geophysics, Senior Fellow at the Precourt Institute for Energy, and Director of the Stanford Natural Gas Initiative.

“Throughout his career, Mark pioneered the application of geomechanics across the asset and well lifecycle,” says Troy Ruths, Founder and CEO of Ruths.ai. “We are excited to infuse these geomechanics workflows with AI, driving improved well productivity through enhanced and scalable reservoir characterization from disparate data sources.”

Geomechanics plays a central role in understanding many of the key issues faced today by Oil and Gas operators in areas such as hydraulic fracturing, completions design, and drilling optimization. Dr. Zoback is a recognized leader in geomechanics, especially around shale gas, tight gas, and tight oil reservoirs. His latest book, Unconventional Reservoir Geomechanics: Shale Gas, Tight Oil and Induced Seismicity, will be available from Cambridge University Press and Amazon this April.

Ruths.ai will embed Dr. Zoback’s knowledge of geomechanics in a range of novel workflows in their Petro.ai software, the industry-leading suite of tools empowering teams to find the most efficient ways to develop their assets.

Dr. Zoback complements the already deep domain knowledge on staff at Ruths.ai developing the trusted analytics used by operators to bring thousands of wells online economically.

Find out more at www.ruths.ai.

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Widex USA, Inc. will be exhibiting at the 2019 American Academy of Audiology (AAA) Conference taking place March 27-29, 2019 in Columbus, Ohio. On exhibit at Booth #1025, Widex will be offering demonstrations of Widex ENERGY CELL technology as well as the second generation Widex EVOKE.

Widex ENERGY CELL technology uses what will be the world’s smallest commercially-available fuel cell to allow wearers to reenergize their hearing devices off the grid in just 20 seconds. The second generation Widex EVOKE features an upgraded ZPower® Rechargeable System and enhanced real-time machine learning to now work 25% faster.

“AAA is a great event each year, a place where hearing care professionals gather to learn about the latest tools, technology, events and treatments available to help improve the lives of people with hearing loss,” said Eric Spar, Senior Vice President of Sales, Widex USA. “We invite all of our customers, partners and everyone in the community to come visit us at booth #1025 to see and demo our latest technology, providing superior sound quality and personalization to meet the needs of every wearer.”

Widex audiologists will also be offering daily presentations during exhibit hours to give conference participants an opportunity to earn AAA CEU credits. Class topics include: speech-in-noise performance; fine tuning remote care; real-time machine learning with Widex EVOKE; and the future of fuel cell technology. See the full schedule of classes here.

For the audiology students in attendance, Widex USA will be hosting an exclusive happy hour on Thursday, March 28 from 4-6pm at the Widex USA booth #1025. Students will enjoy drinks and snacks, while getting a chance to socialize with fellow students and learn more about Widex technology.

For more information, please visit Widex USA at Booth #1025.

About Widex

At Widex, we believe in a world where there are no barriers to communication; a world where people interact freely, effortlessly and confidently. With sixty years’ experience developing state-of-the-art technology, we provide hearing solutions that are easy to use, are seamlessly integrated in daily life, and enable people to hear naturally. As one of the world’s leading hearing aid producers, our products are sold in more than one hundred countries, and we employ 4,000 people worldwide.

HOUSTON--(BUSINESS WIRE)--The CWC LNG & Gas Summit took place in Tokyo, Japan on 19-20 February 2019 with participation and support from Japan’s Ministry of Economy, Trade and Industry (METI), JERA Co. Inc., Tokyo Gas and the Institute of Energy Economics Japan (IEEJ), along with more than 250 senior executives from across the LNG and gas value chain in both Japan and globally.

As one of the Summit’s primary sponsors, Commonwealth LNG had the privilege of participating and speaking at the event. During the lively panel discussion on Tomorrow’s LNG Supply Models, Paul Varello, CEO and President of Commonwealth LNG, addressed the critical need for greater innovation in the design and construction of the next wave of LNG projects.

Citing the high construction costs and schedule delays that have negatively impacted the first wave of US LNG projects, Mr. Varello underscored how innovation in the design and construction of future LNG projects would be necessary to meet the evolving demands of LNG customers.

“As a participant in the second wave of LNG liquefaction projects, we had the distinct advantage of sitting back and studying the first wave of projects to see what we could learn from the problems they encountered and to apply progressive solutions to address those problems,” stated Varello.

Varello’s message was not lost on the Tokyo audience, many of whom have witnessed firsthand the many issues plaguing these first US LNG projects. “The definition of insanity, as Einstein rightfully acknowledges, is ‘doing the same thing over and over and expecting different results.’ At some point, you have to adjust your approach.”

Among the innovative ways that Commonwealth LNG is developing its project is a purer application of modularization. “A lot of projects claim to be modular, but, in reality, few actually fit that definition.”

In cooperation with engineering and design powerhouses TechnipFMC and Arup Group, Commonwealth will employ a fully-modular design and construction approach for the project’s liquefaction trains, auxiliary equipment and even its LNG storage tanks. In doing so, the company will dramatically reduce the amount of craft labor on the site, lower the capital expenditure (CAPEX) cost by roughly one billion dollars and shave a full year off the field construction schedule.

Commonwealth LNG is an 8.4 mtpa LNG liquefaction and export project located on the west bank of the Calcasieu Ship Channel at the mouth of the Gulf of Mexico near Cameron, Louisiana. Commercial operations are expected to start in the first quarter of 2024.

HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NYSE: NBLX) (the “Partnership” or “Noble Midstream”) today announced it has secured a $200 million equity commitment (“Preferred Equity”) from Global Infrastructure Partners Capital Solutions Fund (“GIP”) to fund capital contributions to Dos Rios Crude Intermediate LLC, a newly-formed subsidiary holding Noble Midstream’s 30% equity interest in the EPIC Crude Pipeline. Of the $200 million total commitment, $100 million will be funded during the first quarter of 2019, with the remaining $100 million available for a one-year period, subject to certain conditions precedent. The Preferred Equity is perpetual and has a 6.5% annual dividend rate, payable quarterly in cash, with the ability to defer payment during the first two years following the closing. In addition, Noble Midstream can redeem the Preferred Equity in whole or in part at any time for cash at a predetermined redemption price. GIP can request redemption of the Preferred Equity following the later of the sixth anniversary of the Preferred Equity closing or the fifth anniversary of the EPIC Crude Pipeline completion date at a pre-determined base return. Proceeds from the Preferred Equity will be used to repay a portion of outstanding borrowings under the Partnership’s revolving credit facility, which were drawn to fund the Partnership’s exercise of its option to invest in the EPIC Crude Pipeline.

Commenting on the announcement, John Bookout, Chief Financial Officer, said, “We look forward to having GIP as our partner given their extensive energy investing track record and believe this transaction is a further endorsement of our investment in the EPIC Crude Pipeline. This Preferred Equity provides an attractive funding source for the Partnership, allowing us to maintain a prudent balance sheet without issuing common equity as the EPIC Crude Pipeline progresses. We are excited to capitalize on the growing demand for crude oil takeaway and export capability from the Permian Basin and look forward to adding a high-quality source of cash flow to our portfolio. The EPIC Crude Pipeline, together with our other recently announced joint ventures, is a crucial piece in building a leading Permian Basin midstream platform and delivering long-term value for our unitholders.”

The 30-inch EPIC Crude Pipeline is being designed with an initial capacity of 590 MBbl/d from the Permian Basin and Eagle Ford to the Gulf Coast. With the installation of additional pumps and storage, EPIC can increase the 30-inch capacity to approximately 900 MBbl/d. Interim service remains on track for startup in the third quarter of 2019 and permanent service is anticipated in January of 2020.

Barclays Capital Inc. acted as financial advisor and Vinson & Elkins L.L.P. served as legal counsel to Noble Midstream. Bracewell LLP represented GIP.

About Noble Midstream

Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.

About Global Infrastructure Partners

Global Infrastructure Partners ("GIP") is an independent infrastructure fund manager that invests in the equity and credit of infrastructure assets and businesses. GIP targets investments in OECD and select emerging market countries in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York, London and Mumbai, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.

About EPIC Pipeline

EPIC was formed in 2017 to build, own, and operate midstream infrastructure in both the Permian and Eagle Ford Basins. EPIC’s first two projects, the EPIC Crude Pipeline and the EPIC NGL Pipeline, will transport crude and NGL across Texas for delivery into the Corpus Christi market. The EPIC Pipelines are backed by capital commitments from funds managed by the Private Equity Group of Ares Management, L.P. (NYSE: ARES). For more information, visit www.epicmid.com.

Cautionary Statements

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws. This press release is neither an offer to sell nor a solicitation of an offer to purchase the securities described herein.

This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

DALLAS--(BUSINESS WIRE)--Energy Transfer Operating, L.P. (“ETO”) (formerly, Energy Transfer Partners, L.P., and a subsidiary of Energy Transfer LP (“ET”)) announced today the final results of its previously announced offers to exchange any and all validly tendered and accepted senior notes of each series listed in the table below issued by ET (collectively, the “Existing ET Notes”), for new notes to be issued by ETO and the related solicitations of consents to amend the indenture governing the Existing ET Notes (together, the “Exchange Offers and Consent Solicitations”). As of 11:59 p.m., New York City time, on March 22, 2019 (the “Expiration Date”), and as indicated in the table below, approximately $4.21 billion aggregate principal amount, or approximately 97%, of Existing ET Notes had been validly tendered and not validly withdrawn, such that the requisite number of consents to adopt certain amendments to the indenture governing the Existing ET Notes has been received.

The following table sets forth the aggregate principal amount of each series of Existing ET Notes that were validly tendered and not validly withdrawn as of the Expiration Date pursuant to the terms and conditions of the Exchange Offers and Consent Solicitations. The final settlement of the Exchange Offers and Consent Solicitations is expected to take place on or about March 25, 2019.

Title of Series of Existing ET Notes/CUSIP Number(s) (Collectively, the “Existing ET Notes”)     Aggregate Principal Amount Outstanding     Tenders and Consents Received as of the Expiration Date     Percentage of Total Outstanding Principal Amount of such Series of Existing ET Notes
7.500% Senior Notes due 2020 / 29273VAC4 $1,187,032,000 $1,128,540,000 95.1%
4.250% Senior Notes due 2023 / 29273VAG5 $1,000,000,000 $993,153,000 99.3%
5.875% Senior Notes due 2024 / 29273VAD2 / 29273VAE0 $1,150,000,000 $1,127,484,000 98.0%
5.500% Senior Notes due 2027 / 29273VAF7 $1,000,000,000 $955,955,000 95.6%
 

A Registration Statement on Form S-4 (File No. 333-229843) (the “Registration Statement”) relating to the Exchange Offers and Consent Solicitations was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2019, amended by Amendment No. 1 to the Registration Statement, filed with the SEC on March 7, 2019, and declared effective by the SEC on March 20, 2019.

The Exchange Offers and Consent Solicitations were made upon the terms and subject to the conditions set forth in the prospectus dated as of March 20, 2019 (the “Prospectus”), which forms a part of the Registration Statement, and which contains the complete description of the terms and conditions of the Exchange Offers and Consent Solicitations.

The Dealer Managers for the Exchange Offers and the Solicitation Agents for the Consent Solicitations are:

Citigroup
388 Greenwich Street, 7th Floor
New York, New York 10013
Attn: Liability Management Group
Collect: (212) 723-6106
Toll-Free: (800) 558-3745
    J.P. Morgan
J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Attention: Liability Management Group

Collect: (212) 834-3424

Toll-Free: (866) 834-4666

    TD Securities
TD Securities (USA) LLC

31 West 52nd Street

New York, New York 10019

Attn: Liability Management Group

Toll-Free: (855) 495-9846

 

The Information Agent and Exchange Agent for the Exchange Offers and Consent Solicitations is:

Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Banks and Brokers Call Collect: (212) 430-3774
All Others Call Toll-Free: (866) 924-2200
 

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities described herein and is also not a solicitation of the related consents. The Exchange Offers and Consent Solicitations were made only pursuant to the terms of the Prospectus and the other related materials.

Energy Transfer Operating, L.P. owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, its core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. Energy Transfer Operating, L.P.’s general partner is owned by Energy Transfer LP (NYSE: ET).

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major U.S. production basins, ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., formerly known as Energy Transfer Partners, L.P., also owns the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 39.7 million common units of USA Compression Partners, LP (NYSE: USAC).

Forward-Looking Statements

Statements about the Exchange Offers and Consent Solicitations may be forward-looking statements. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “intends,” “projects,” “plans,” “expects,” “continues,” “estimates,” “goals,” “forecasts,” “may,” “will” and other similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of ETO, and a variety of risks that could cause results to differ materially from those expected by management of ETO. Important information about issues that could cause actual results to differ materially from those expected by management of ETO can be found in ETO’s public periodic filings with the SEC, including its Annual Report on Form 10-K. ETO undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

NEW YORK, March 25, 2019 /PRNewswire/ -- The global polymer foam market size is expected to reach USD 144.46 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.0% over the forecast period. Polymer foams are widely utilized in combination with other materials in various composite constructions, high-resilience foam seating, rigid insulation panels, automotive components, carpet underlays, upholstery stuffing, packaging, and other such applications. Rigid foams are used primarily as an insulation material in construction and refrigeration applications.

Read the full report: https://www.reportlinker.com/p05741256/?utm_source=PRN

They are energy-efficient and help reduce energy costs. Flexible foams are used as cushioning materials in transportation, furniture, bedding, packaging, etc. Thus, rising demand from the automotive and building and construction industries, particularly in Europe and Asia Pacific regions, is the key factor driving the market growth. Moreover, focus on the development of biodegradable foams owing to stringent environmental regulations across the globe has opened new growth opportunities for manufacturers. However, the manufacturing cost of biodegradable types is still higher than petroleum-based chemicals, due to which it will take a couple of years for manufacturers to completely adopt this variant.

The market is segmented on the basis of type into Polyurethane (PU) foam, polystyrene foam, Polyvinyl Chloride (PVC) foam, phenolic foam, polyolefin foam, melamine foam, and others. Polystyrene foam was the largest segment and accounted for 32.2% of the global revenue in the past. Expanded polystyrene-based products have excellent shock absorbing properties and are preferred in storing, packaging, and transporting of electrical equipment, cooked food, and perishable goods. It is also preferred in several marine floatation applications including construction of floating docks, surfboards, and boat stands.

Polyolefin foams including Polypropylene (PP) and Polyethylene (PE) are expected to witness significant growth in the coming years. The low melt strength of these products, particularly of PP, limited the growth of this segment in the past. However, the advent of technologies, such as post reactor radiation method and compounding modifiers method, has augmented their demand. These technologies were introduced to improve the product strength to meet the requirements in wind energy applications (spar webs and shell panels) and in marine applications (vibration control and cushion seats).

Further key findings from the study suggest:

Polyolefin foam is estimated as one of the fastest-growing segments over the forecast period. They are eco-friendly and lightweight thus, have the maximum demand in flooring and automotive industries

Building and construction was the largest application segment in 2017 and accounted for 37.3% of global market volume

Asia Pacific region is estimated to witness the highest growth over the forecast period due to high demand from manufacturing sectors of India, China, and Indonesia

Prominent companies in the polymer foam market include BASF SE, Woodbridge Foam Corporation, Borealis AG, Sealed Air Corporation, Zotefoams PL, Armacell International S.A., and Recticel Group

Capacity expansions and acquisitions are some of the strategies adopted by most of the companies to expand their product portfolio. In 2016, Synthos S.A. acquired INEOS Styrenics to increase its production capacity for Expandable Polymer Styrene (XPS).

Grand View Research has segmented the global polymer foam market on the basis of type, application, and region:

Polymer Foam Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

Polyurethane (PU) Foam

Polystyrene Foam

Polyvinyl Chloride (PVC) Foam

Phenolic Foam

Polyolefin Foam

Melamine Foam

Others

Polymer Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

Packaging

Building & Constructions

Furniture & Bedding

Automotive

Rail

Wind

Marine

Others

Polymer Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

U.K.

Spain

Russia

Asia Pacific

China

India

Japan

South Korea

Singapore

Indonesia

Central & South America

Brazil

Middle East & Africa

Read the full report: https://www.reportlinker.com/p05741256/?utm_source=PRN

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