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Statoil Proposes to Convert Vattenfall's Gas Power Plant
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Statoil ASA , Vattenfall and Gasunie have inked a Memorandum of Understanding (MoU) to assess the potential of converting Vattenfall’s gas power plant, Magnum, into a hydrogen-powered plant. The plant is situated in Netherlands. With this move, the CO2 emission is likely to be reduced by 4 million tons per year, which is equal to discharge from over 2 million cars.
Subsequent steps will entail feasibility studies to appraise the conversion of one of the three Magnum units of Vattenfall Nuon in Eemshaven. The units are operated by the company’s Dutch subsidiary. Additionally, Gasunie examines the requisite infrastructure for transport and storage.
The scope of the MoU comprises of exploring means to design a large-scale value chain where production of hydrogen is combined with CO2 capture, transport and permanent storage as well as allowing potential business models.
A decision on further progress will be based on the study results. The Magnum gas power plant has three combined cycle gas turbines (CCGT) with a capacity of 440 mega watt each. One CCGT releases about 1.3 million tons of CO2 per year.
The technology for generating hydrogen by converting natural gas into hydrogen and CO2 is proven and known. The new element is to devise a large-scale value chain.
To date, high costs together with dearth of CO2 storage facilities have restricted the development of a low-carbon value chain for hydrogen based on natural gas.
In 2016, the Norwegian government initiated a new national CO2 capture, transport and storage project. Studies established the viability of storing CO2 on the Norwegian continental shelf, with high storage capacity and the potential to expand the facilities to handle additional CO2 volumes beyond the initial demonstration project.
If the Norwegian CCS demonstration project is realized, it may pave way for future CO2 storage from other projects, including the joint Vattenfall, Gasunie and Statoil project.
Statoil has experience of more than two decades with CO2 storage on the Norwegian continental shelf. The company has initiated a climate roadmap, which details its target for CO2 emission reductions and enhanced carbon intensity and energy efficiency.
Shares of the company have declined 5.6% in the last three months compared with the Zacks categorized Oil & Gas – International Integrated industry’s loss of 5.1%.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in each of the trailing four quarters, with an average positive earnings surprise of 60.68%.
Cheniere Energy delivered a positive earnings surprise of 162.16% in the preceding quarter. The company beat estimates in one of the trailing three quarters, with an average positive earnings surprise of 14%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters, with an average negative earnings surprise of 275.46%.
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Statoil Proposes to Convert Vattenfall's Gas Power Plant
Statoil ASA , Vattenfall and Gasunie have inked a Memorandum of Understanding (MoU) to assess the potential of converting Vattenfall’s gas power plant, Magnum, into a hydrogen-powered plant. The plant is situated in Netherlands. With this move, the CO2 emission is likely to be reduced by 4 million tons per year, which is equal to discharge from over 2 million cars.
Subsequent steps will entail feasibility studies to appraise the conversion of one of the three Magnum units of Vattenfall Nuon in Eemshaven. The units are operated by the company’s Dutch subsidiary. Additionally, Gasunie examines the requisite infrastructure for transport and storage.
The scope of the MoU comprises of exploring means to design a large-scale value chain where production of hydrogen is combined with CO2 capture, transport and permanent storage as well as allowing potential business models.
A decision on further progress will be based on the study results. The Magnum gas power plant has three combined cycle gas turbines (CCGT) with a capacity of 440 mega watt each. One CCGT releases about 1.3 million tons of CO2 per year.
The technology for generating hydrogen by converting natural gas into hydrogen and CO2 is proven and known. The new element is to devise a large-scale value chain.
To date, high costs together with dearth of CO2 storage facilities have restricted the development of a low-carbon value chain for hydrogen based on natural gas.
In 2016, the Norwegian government initiated a new national CO2 capture, transport and storage project. Studies established the viability of storing CO2 on the Norwegian continental shelf, with high storage capacity and the potential to expand the facilities to handle additional CO2 volumes beyond the initial demonstration project.
If the Norwegian CCS demonstration project is realized, it may pave way for future CO2 storage from other projects, including the joint Vattenfall, Gasunie and Statoil project.
Statoil has experience of more than two decades with CO2 storage on the Norwegian continental shelf. The company has initiated a climate roadmap, which details its target for CO2 emission reductions and enhanced carbon intensity and energy efficiency.
Shares of the company have declined 5.6% in the last three months compared with the Zacks categorized Oil & Gas – International Integrated industry’s loss of 5.1%.
Statoil currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the same space include Delek US Holdings, Inc. (DK - Free Report) , Cheniere Energy Inc (LNG - Free Report) and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in each of the trailing four quarters, with an average positive earnings surprise of 60.68%.
Cheniere Energy delivered a positive earnings surprise of 162.16% in the preceding quarter. The company beat estimates in one of the trailing three quarters, with an average positive earnings surprise of 14%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the trailing four quarters, with an average negative earnings surprise of 275.46%.
"Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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