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】
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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 :
D a v i d
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
a nd
C h ie f
E xe cu t ive
O ff ice r. M r.
And e r s on
ha s
s e r v e d
i n
e x e c ut i v e
pos i t i ons
a t
N W
N a t ur a l
H olding s
a nd
N W N a t ur a l
G a s
C om pany
s i nc e
2004.
Be f or e
j oining
N W
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
w i t hin
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 ) .
M r.
A nde r s on s e r v e s
on
t he
Boa rd
of
D i r e c t or s
of
N a t i on a l
F ue l
G a s
C om pany
( N Y SE :
N F G ) ,
t h e Am e r i c a n
G a s
A ss oc i a t i on
( A G A )
a nd
t he
Am e r i c a n
G a s
F ounda t i on.
H e
is
a l s o
Fir s t V i c e
Cha i r
of
t he
A G A
a nd
not a bl y
C o- C h a ir
o f
t h e
A G A ’ s
C a rbon
P o licy
T a s k F or c e .
M r.
An de r s on
ha s
a l s o
be e n
a ppoin t e d
by
O r e gon
Gov e rnor
Ka t e
Br ow n
t o s e r v e
on
O r e g on’ s
G lobal
W a rm i ng
C omm i ss i on.
J u s t i n
B .
Pal f r ey man
is
N W
N a t ur a l
Ga s
C omp an y
Vice
Pres i d en t ,
St rat eg y
an d B u s i n e ss
D evel opm en t .
M r.
P al f r ey m an
h as
s er v ed
a s
N W
N atur al ’ s
V i c e
Pres i d en t of
S t r a t e gy
a nd
Bus i ne ss
D e v e l opm e nt
s i nc e
2016
a nd
l eads
t he
Re ne w a bl e N a t ur a l
G a s
t ea m
a l ong
w i t h
t he
C om pany ’ s
s t r a t e gi c
a nd
i nt e gr a t e d
r e s our c e pl a nning
f unc t i ons .
M r.
P a l f r e y m a n
a l s o
i s
t h e
P r e s i de nt
of
N W
N a t ur a l
W a t e r.
P r i or t o
j oining
N W
N a t ur a l ,
M r.
P a l f r e y m a n
w a s
w i t h
L a z a rd,
F r e r e s
&
C o,
one
of
t h e w or l d" s
pr ee m i ne nt
f i nanc i a l
a dv i s or y
a nd
a ss e t
m a nage m e nt
f i rm s ,
s e r v i ng
a s
a D ir e ctor
i n
L a z a r d’ s
P ow e r,
E ne r gy
&
I nf r a s t r uc t ur e
G roup
f rom
2009
t o
2016.
I n t ha t
pos i t i on,
he
pr ov i de d
s t r a t e gi c
a nd
f i nanc i a l
a dv i c e
t o
c orpor a t i ons , i ns t i t ut ional
i n v e s t or s ,
pr i v a t e
e qui t y
f unds
a nd
gov e rnm e nt
c li e nt s .
P r i or
t o
L a z a...