Shaw Executive Discusses Opportunities and Challenges Facing Coal-Fired Electric Power Industry
BATON ROUGE, La.-(Business Wire)-August 24, 2009 - Ron Barnes, president of Shaw Power Group’s Fossil & Renewables Division, recently discussed the opportunities and challenges facing the U.S. coal-fired electric power industry, telling a gathering of industry leaders that a diverse portfolio of energy solutions and the continued research, demonstration and implementation of new technologies are essential to the future of coal-fired power generation.
“Shaw is preparing for the future by providing services in all electric generation markets, including coal, natural gas, nuclear and renewables, in order to meet the needs of power generation companies going forward,” he said.
Mr. Barnes emphasized that a key to the viability of coal-fired generation will be the development of cost-effective carbon dioxide capture and storage capability. He also stressed that efficient ultra-supercritical and supercritical boilers are one answer to reducing carbon dioxide emissions, in addition to circulating fluidized bed (CFB) technology that has been recognized as a clean coal technology by the U.S. Department of Energy. Shaw currently is building one of the first ultra-supercritical power plants in the U.S., in addition to two supercritical and two CFB power plants.
Serving as keynote speaker at the ninth annual Coal-Gen Conference & Exhibition in Charlotte, N.C., Mr. Barnes discussed what he feels are the two main challenges facing the coal-fired power generation industry: the global recession – which has reduced demand for electricity, increased reserve margins and caused financial institutions to be more cautious in lending – and uncertainty surrounding carbon dioxide legislation or regulation.
Despite a decrease in demand for 2009 and a slow demand growth rate thereafter, electricity demand is projected to increase by 26 percent by 2030.
“We must continue to research, demonstrate and implement new technologies so that future coal plants will be more cost-effective and environmentally friendly,” Mr. Barnes said. “By using our full array of generation options in the energy portfolio, we can ensure that future demand is met regardless of the regulatory environments or financial situations we experience over the next few decades.”
The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for government and private sector clients in the energy, chemicals, environmental, infrastructure and emergency response markets. A Fortune 500 company with fiscal year 2008 annual revenues of $7 billion, Shaw is headquartered in Baton Rouge, La., and employs approximately 26,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Shaw is the power sector industry leader according to Engineering News-Record's list of Top 500 Design Firms. For further information, please visit Shaw's Web site at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management “believes,” “expects,” “anticipates,” “plans” or other similar expressions) and statements related to revenues, earnings, backlog or other financial information or results are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company’s Web site under the heading “Forward-Looking Statements.” These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis, visit our Web site at www.shawgrp.com.
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