AREVA and Duke Energy announced today the formation of ADAGE™, an innovative joint venture dedicated to the development of green biopower energy solutions for U.S. electricity customers.
ADAGE will facilitate the development of biopower plants that will use wood waste to produce electricity. According to the agreement, AREVA will design and build biomass power plants. Duke Energy Generation Services (DEGS), a commercial power business unit of Duke Energy that owns and develops renewable energy, will manage operations. For each project, ADAGE also will negotiate power purchase agreements and fuel contracts, and secure suitable sites. Hence, ADAGE will provide customers a fully integrated solution.
ADAGE is the first biopower (“biomass to electricity”) partnership in the United States between major energy companies.
“AREVA is strongly committed to renewables as part of its strategy to provide its customers with innovative, environmentally friendly sources of energy, and has a solid experience in the biomass sector having designed and built more than 100 biopower facilities in Europe, Asia and South America with capacity of more than 2,500 megawatts. We are delighted to partner with Duke Energy, which has a growing portfolio of renewable assets throughout the U.S. market and tremendous experience in operating power plants.” said Anne Lauvergeon, AREVA CEO.
“This project comes at exactly the right time as Americans face soaring energy prices and look to meet rising electricity demand with green energy sources. The ADAGE biopower facilities will respond to our nation’s need for new baseload energy alternatives,” said Duke Energy CEO Jim Rogers.
Biopower has great potential. Federal and state environmental agencies consider biopower carbon neutral, a significant advantage over traditional power facilities.
The impact of biopower facilities on our economy is just as important; these facilities will create hundreds of new, green-collar jobs. In addition, the utilization of biomass as an abundant domestic resource reduces America’s reliance on imported fuels.
“Based on the strengths and experience of Duke Energy and AREVA, ADAGE is well positioned to win a significant portion of the rapidly expanding U.S. biomass market,” said Reed Wills, President of ADAGE. “Biomass provides an alternative baseload power source for states concerned with CO2 emissions. We are committed to partnering with fuel suppliers, power companies and state and local communities to develop mutually beneficial projects.”
The U.S. Energy Information Administration estimates the total installed capacity of wood biomass power generation is 6,000 megawatts. EIA and several energy consulting firms predict that this figure may double over the next 10 years.
ADAGE will be headquartered in Chadds Ford, Pennsylvania near Philadelphia. To find out more, visit http://www.adagebiopower.com/.
The environmental commitments outlined in the ADAGE strategic plan were featured at the Clinton Global Initiative 2008 Annual Meeting in New York.
Press-Contacts
Jarret Adams
AREVA
Tel: (301) 841-1695
jarret.adams@areva.com
Rick Rhodes
Duke Energy
Tel: (704) 382-3747
mailto:jrrhodes@duke-energy.com
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Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers in its regulated jurisdictions. The company has approximately 35,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.