Any implications for GLE here? The product of this gasification process is the synthesis gas (syngas) they're talking about. Syngas is composed of hydrogen, CO and some assorted contaminants depending on the hydrocarbon source.
Talk about a potential load leveler for these refineries! I can envision huge stationary syngas-fed SOFCs used for power generation when the syngas stream isn't diverted for other energy uses. Could a Ballard PEMFC handle this syngas stream without first scrubbing out the CO and contaminants? I don't think so. Is this a possible glimpse of GLE's future?
2/11 16:06 Texaco to Boost Spending on Power Generation, Synthetic Gas Production
By David Wells
White Plains, New York, Feb. 11 (Bloomberg) -- Texaco Inc., the third-largest U.S. oil company, said it will almost double its investment in power generation and synthetic-gas production to $1.07 billion by 2004.
Texaco said it plans to invest $584 million this year in the businesses, up 24 percent from last year. Texaco had 1999 sales of about $36 billion.
The White Plains, New York-based company is involved in electricity projects that can generate more than 8,000 megawatts, enough to light 8 million U.S. homes. Texaco has invested in power plants worldwide, including in the U.S., Spain, Italy, the Philippines and Thailand.
Texaco makes synthetic gas by adding oxygen to low-quality oil, refining residues and coal. The fuel produced by the gasification process can be burned in power plants that use natural gas. Texaco said it's involved in 55 percent of the gasification plants operating or under construction.
Power generators are using more gas, the cleanest-burning fossil fuel, because of stricter anti-pollution laws. Texaco said forecasts call for power demand to grow 2.5 percent a year for the next five to 10 years.
Texaco expects a 13.4 percent average return on its investment in power generation and gasification from 2000 through 2004. The businesses returned 13.9 percent last year, much higher than its 8.3 percent overall return.
The company has 69 gasification facilities licensed, under construction or in operation, and it's in talks with more than 50 potential licensees.
One of the byproducts of gasification is hydrogen, which can be used in fuel cells to generate electricity. Texaco said yesterday it wants to form a joint venture with a fuel cell company this year. Interest in fuel cells has grown because they pollute far less and are more efficient than current automotive engines or power plants.
The shares of White Plains, New York-based Texaco fell 2 5/16 to 48 5/16 on the New York Stock Exchange. |
