能源公用事业:与NWN对于液化天然气与氢气谈话纪要【精选推荐】

发布时间:2022-06-24 20:10:04

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能源公用事业:与NWN对于液化天然气与氢气谈话纪要【精选推荐】

 

 G l o b al R e sear c h

 16

 Sep t em b er

 2020

 E n e r gy

 &

 Ut ilit ie s

 Trans cr i pt

 f r om

 Call wi th

 NWN

 to

 R e vi e w

 RN G

 & Hy d ro g e n

  F i r e si d e

 C ha t

 o n

 R NG

 & Hyd r o g e n

 w i t h

 N W N

 (Tr an scri p t

 st a r t s

 o n

 p .

 3 )

 W e

  c on ti nu ed

  our

 2020

 F i res i d e

  c h at

  s eri es

  w i th

  th e

  NW N

  man agemen t

  team,

  to rev iew

 rec en t

 d ev el op men ts

 i n R en ew ab l e

 Nat u ral

 G as

 (RN G )

 a nd H y dr oge n. I s

 R NG

 F u t u r e

 C ap e x O pp o r t un i t y ?

 Ju s ti n Pa l frey man , NW N’ s

 V P

 o f

 Strateg y

 & B u s i n es s

 Dev el op men t,

 s ai d th er e

 are

 ~130 op erati ng

 R NG

  pro j ec ts

  to d ay

  i n

 th e

  US

  an d

 ab ou t

  100

 mo re

  i n

 d ev el op men t.

  He es ti mates

 th at

 to

 tu rn 1,000-5, 000D t h/d o f

 R NG

 i n to

 a

 pro j ec t

 that’ s

 i n j ec ti ng g as

 i n t o a

 s y s tem;

 i t

 w ou l d req u i re

 c ap ex

 s o mew h ere

 i n th e

 $10 MM -$40 MM

 r a n ge

 depe n di ng on mu l ti p l e

 fac to rs . I n ‘ 18, th e

 O reg on Do E

 e s ti mated

 th ere

 are

 en ough res ou rc es

 j u s t i n O R

 t o produ ce

 ~ 50Bc f

 of

 R NG

 ( ~ e qui va l e n t

 t o th e

 to tal

 a moun t

 o f

 n atg as

 u s e d b y O R

 res i d e n ti al

 c u s to mers ) . SB -98 ( R NG

 l eg i s lati on i n O R )

 al l o w s

 L DCs

 to

 ei th er

 pu rc h as e R NG

  fo r

 d el i v ery

  to

  al l

  c u s to m ers

  or

 i n v es t

  i n

 R NG

  pro j ec ts .

 Dav i d

 And ers on,

 NW N’ s Pres i d en t

 & CE O , no te d NW N

 w ill

 do rate

 b as e

 i n v es tmen ts

 i f

 i t

 makes

 s en s e

 ( li kel y

 no t i n i ti a ll y ) , bu t

 h e

 b el i ev es

 i t’ s

 real l y

 mo re

 i mpo rtan t

 s trategi c al l y

 ri gh t

 no w

 fo r NW N

 to g et

 d ec arb on i z ed

 produ c t

 on t h e

 s y s tem.

 L i kel y

 mo re

 s tate

 reg u lati on s

 s i m il a r to

 SB -98 are

 n eed ed

 or f ed eral

 i n c en ti ve s

 to

 acce l erate

 R NG

 i n v es tmen t

 n ati on al l y . R e n e wa b l e

 Na tu ra l

 Ga s

 ( R NG)

 –

 C u rre n t

 I n fra s tru c tu re

 R NG

 i s

 a

 z ero

 c arb on res ou rc e

 th at

 i s

 d el i v ered

 i n th e

 ex i s ti ng p i p el i n e

 s y s tem

 to

 ho mes & bu s i n e ss es

 w h ere

 i t

 c an

 b e

 u s ed

 i n ex i s ti ng ap p li an c es

 & eq u i p men t.

 M r. Pal fre y man no ted

 mo s t

 popu l ate d areas

 h ave

 h i gh c on c en tration s

 o f

 w a s te

 w ater

 treatmen t

 p l an ts , n earb y

  l an d fi ll s /org a n i c

  w as te;

  R NG

  fro m

 th o s e

  fac ili ti es

  c ou l d

 b e

  i n terc onn ec ted

  to L DCs .

 R NG

  fro m

 ag ri c u l tu ra l

  an d

 fo re s try

  w as te

  i s

  produ ce d

 i n

 mo re

  ru ra l

  areas

  an d li kel y

 w ill

 b e

 fi rs t

 c onn ec ted

 to

 g as

 tran s mi ss i on s y s tem

 b efo re

 fl o w i ng i n to

 L DCs . E x i st i n g

 R NG

 T ech n o l o g y

 M r.

 Pal frey man

  s ai d

 th e

  c ond i ti on i ng

 eq u i pm en t

  d es i gn ed

  to

  g et

  R NG

  to

  a

  p i p el i n e qu al ity

  s p ec

  ex i s ts

  to d ay .

 No tabl y ,

 th e

  g as

  s y s tem

  fo r

 y ear s

  h as

  b een

  w o rki ng

 w i th d ifferen t

 B TU

 c on ten t s

 an d b l e nd i ng th em

 to

 man ag e

 th e

 h e at

 rate.

 The

 c u rren t

 s y s tem c an

  h an d l e

  R NG

  on ce

  i t

  me ets

  p i p el i n e

  s p ec

  an d

 i t

  i s

  f u ll y

  i n terc h an g eab l e

  w i th c on v en ti on al

 g a s . W e

 ex p ec t

 a

 qu i c ker

 ad op ti on o f

 R NG

 as

 th e

 tec hno l og y

 ex ist s

 t od ay w hil e

 t he r e

 c on t i nue s

 t o be

 c ha ll e nge s

 w i t h i n j ec t i ng hy dro ge n i nt o t he

 ga s

 s y s t e m. P a i r i n g

 Hyd r o g e n

 w i t h

 W as t e

 C O 2

 Ann a

  Ch i tt um,

 NW N’ s

  Direc t or

 o f

  R en ew ab l es

  &

 Bus i ne ss

  D eve l opm e nt ,

 not e d

 t he r e a r e

  s om e

  li m i t a t i ons

  i n

 t e rm s

  of

  how

 m uc h

 di r ec t

  hy dr oge n

 c oul d

 be

  b l e nde d

 i nt o

 a n atu ral

  g a s

  s y s tem;

  ho w ev er,

  th ere

  i s

  oppo rtu n ity

  to

  p a i r

 h y drog en

  w i th

  w as te

  CO 2 a nd

 t he r e ’ s

  pot e nt i a ll y

  no

 phy s i ca l

  li m i t a t i on

 i nt o

 how

 m uc h

 hy dr oge n

 c oul d

 be b l en d ed

 i n to

 th e

  p i p el i n e

  a s

 l ong as

  i t

  i s

  p ai r ed

 w i th

 CO 2.

 Th ere’ s

 a

  l o t

  o f

  tes ti ng

 i n terms

 o f

 s afety

 fo r u s i ng h y drog en . NW N

 i s

 al s o w o rki ng on s o me

 p il o t

 c on c ep ts

 to d ay . P o t e n t i a l

 I ssu e s

 w i t h

 F u ll

 E l e ctr i f i ca t i o n

 & F e d e r a l

 R NG

 R e g u l a t i o ns

 NW N’ s

 CEO

 no ted

 th at

 key

 i ss u es

 rel ated

 to

 fu ll

 el ec tri fi c ati on i n c l ud e

 c o s t s , c omp l ex ity o f

 energ y

 s y s te m an d rel i ab ili t y

 th at

 s o me

 to ok fo r g ran ted . R ec en t

 ev en ts

 ( b l ac kou ts

 i n CA)

  c ou l d

 po t en ti al l y

  pro v i d e

  fac ts

  th at

  rel i ab ility

  i s

  c ri ti ca l

  f or

 pe a k i ng

 da y s

  ( c ol d w i n ter/ ho t

 s um mer) . N W N

 i s

 w o rki ng w i th

 th e

 AG A to

 i d en ti f y

 areas

 o f

 fed eral

 fu nd i ng an d po li c i es

 th a t

 c an

 s uppo rt

 r en ew ab l es

 i n th e

 g as

 s ec to r mo re

 bro ad l y . NW N

 & o th er i ndu s try

 memb ers

 h ave

 al s o b een

 w o rki ng ac ro ss

 th e

 v al u e

 c h ai n a nd a r e

 e nc our a g i ng produ c ers

 to

 a dop t

 b es t

 p rac ti c es

 to

 red u ce

 emi ss i on s

 ( e. g. O n e

 F u tu re

 i s

 t h e

 c o al i ti on rep res en ti ng

 th e

  en ti re

  n atg a s

  v al u e

  c h ai n

 t h at

  i s

  c o mmi tt ed

  to

  red u c i ng

 meth an e emi ss i on s ) . R NG

 & l o w er

 emi ss i on s

 li ke l y

 ex te nd termi n al

 v al u e

 o f

 th e

 g as

 s y s tem.

  Shneur

 Z.

 Ger s h uni , C FA

 A na l ys t s hne ur .ge r s huni @ ubs .com

 +1 -212-713

 3974

 A ga

 Zm i gro dzka , C FA

 A na l ys t a gni e s zk a .zm igro dzk a @ ubs .com

 +1 -212-713

 3014

 D ani el

 For d, C F A A na l ys t da n.f ord @ ubs .co m

 +1 -212-713-2224

 Ll oyd

 Byr ne

 A na l ys t ll oyd.byrne @ ubs . com

 +1 -212-713

 9701

 M i che ll e

 Kenel , C FA Assoc i a t e

 An a l y st mi che ll e .k e ne l @ ubs .com

 +1 -212-713

 4896

 Br i an

 Reyn ol ds Assoc i a t e

 An a l y st bri a n.r e ynol ds @ u bs .com

 +1 -212-713

 2563

 Webb

 H igi nboth am Assoc i a t e

 An a l y st w e bb.higi nbot ha m @ ubs .com

 +1 -212-713

 2928

  www .u b s.co m / i nvestm ent r esea r ch

  Th i s

 rep o rt

 h as

 b een

 p repared

 b y

 UB S

 Se c u ri ti es

 LL C.

 ANALYS T

 C E R T I F IC AT I O N

 AND

 R E Q UI R E D

 DIS C L O S UR E S

 B E G I N

 O N PA G E

 19 .

 UB S

  do es

 an d s eeks

 to

 do

 bu s i n es s

 w i th

 c omp an i es

 c o v ered

 i n i ts

 res earc h r ep o rts .

 As

 a

  re s u l t , i n v es t o rs

 s hou l d b e aw are

 t h at

 th e

 fi rm may

 h ave

 a

 c on fl i c t

 o f

 i n teres t

 th at

 c ou l d affec t

 th e

 ob j ec ti v ity

 o f

 t h i s

 rep o rt.

 I n ve s to rs

 s hou l d c on s i d er

 th i s rep o rt

 as

 on l y

 a

 s i ng l e

 fac to r i n maki ng th ei r i n v es tmen t

 d ec i s i on. Ener gy

 Am er i cas

 Equit ies

 M o d e ra to rs :

  A ga

 Z m i gr odz k a ,

 U BS

 G a s

 D i s t r i but i on

 &

 M i ds t r ea m/ N a t ur a l

 G a s

 A na l y s t

 a t

 U BS S hne ur

 G e r s huni,

 M i d s t r eam /M L P

 &

 N atur al

 Gas

 An al y s t

 at

 U B S

 Sp eaker s f r o m

 No r t h w es t

 N at u r al H o l d i n g s :

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 A nde r s on,

 P r e s i de nt

 a nd

 C E O

  J u s t i n

 Pal f r ey m an ,

 V P

 St rat eg y

 &

 B u s i n e ss

 D evel opm en t F r an k

 B urkh ar t s m ey er ,

 SV P

 a nd

 C F O

 A nna

 C hi tt um,

 D i r e c t or

 of

 Re ne w a bl e s

 a nd

 Bus i ne ss

 D evel opm en t N ikk i

 S p a r le y,

 D i r e ctor

 I R

 Sp eaker

 B i o s :

  D avi d

 H .

 A nd er s o n

 is

 N W

 N a t ur a l

 H olding s

 P r e s i d e n t

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 C h ie f

 E xe cu t ive

 O ff ice r. M r.

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 s e r v e d

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 pos i t i ons

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  N W

 N a t ur a l

 H olding s

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 G a s

 C om pany

 s i nc e

 2004.

 Be f or e

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 N a t ur a l ,

 M r.

 A nde r s on

 he l d e x e c ut i v e

 po s i t i ons

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 T X U

 C orpor a t i on

 ( f orm e r l y

 T e x a s

 U t ili t i e s ) .

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 A nde r s on s e r v e s

 on

 t he

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 of

 D i r e c t or s

 of

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 F ue l

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 A ss oc i a t i on

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 a nd

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 H e

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 O r e gon

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 Ka t e

 Br ow n

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 on

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