08/19/2019 | News release | Distributed by Public on 08/17/2019 19:59
Chevron signs an agreement to source Permian operations
with wind power
The whisper of wind across the desert of West Texas means a lot more now than a cool break from the summer heat. It also means more affordable, reliable and cleaner energy to support our growing asset base. As global energy demand increases, Chevron is looking to lead in the future of energy; that includes a commitment to developing more energy with less environmental impact. One big step toward that goal is a recently signed 12-year green power purchase agreement (PPA) to supply Chevron's current West Texas Permian electricity load (~65 megawatts) from renewable sources. The electricity will be purchased from a new West Texas wind farm.
'We know the world needs more energy and more forms of energy, and this agreement reaffirms Chevron's belief that renewable energy sources play a role in meeting future energy demand,' said Allen Satterwhite, president, Chevron Pipeline & Power. 'We have long been committed to understanding and evaluating renewable energy sources which are scalable and align with our business assets. This PPA demonstrates that commitment.'
'Our long-term success in the Permian is only possible if we deliver results in a socially and environmentally responsible way', said Jeff Gustavson, vice-president Mid-Continent Business Unit. 'This green power purchase agreement is a great example of a cost-effective business solution which also advances our Chevron Way commitment to protect the environment.'
Through a separate transaction, Chevron will also purchase renewable energy credits, or RECs, administered by the Electric Reliability Council of Texas to meet the state's renewable energy program requirements.
While the green PPA covers Chevron's current electricity demand in the Permian, the power needs are expected to continue to increase over the next decade. To support this growth, Chevron continues to explore additional renewable energy solutions in the Permian as well as opportunities to source more electricity from renewable sources to support other Chevron business assets around the globe. 'The Permian green PPA represents more than a one and done activity,' said Telisa Toliver, CPP general manager. 'It signifies an important step in our broader journey to produce the world's energy with a smaller environmental footprint.'
Published: August 2019