PPL Secures Major Federal Funding for Clean Energy Progress

PPL Corporation Receives Significant Federal Funding

PPL Corporation (NYSE: PPL) has taken a significant step towards advancing clean energy initiatives by securing a grant of up to $72 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED). This funding will support a pioneering project focused on carbon dioxide (CO?) capture at its natural gas combined-cycle generation facility.

Details of the Carbon Capture Initiative

The funding will kick-start a critical carbon capture initiative at PPL's generating station. Within the first phase, the OCED has committed $4.9 million to propel the project forward. The primary aim is to develop technology that effectively captures CO? emissions, thus supporting broader sustainability goals.

Collaborative Efforts and Investments

This project, developed in collaboration with the University of Kentucky and other key partners, represents a total investment exceeding $100 million. The project will take place at the Cane Run generating station, which is jointly owned and managed by PPL's subsidiaries and local partners.

PPL's Vision for a Sustainable Future

PPL’s President and CEO, Vincent Sorgi, emphasized the company's commitment to leading the energy sector in innovative technologies designed to achieve net-zero emissions. He remarked on the urgency to accelerate actions toward sustainable practices, particularly in transitioning to cleaner energy.

Importance of Natural Gas in the Energy Transition

Sorgi further pointed out the essential role of reliable natural gas in the upcoming energy landscape. As the company explores the routes for carbon capture, maintaining supply reliability to meet around-the-clock electricity demands remains pivotal.

Project Impact and Carbon Reduction Goals

The technology intended for use at Cane Run is designed to capture over 95% of carbon emissions associated with approximately 20 megawatts of the facility’s 691 MW capacity. This impressive capability could mean capturing around 67,000 metric tons of CO? each year, equating to the emissions from approximately 16,000 gasoline-powered vehicles.

Assessment of Carbon Capture Viability

This demonstration project is a critical evaluation of the potential for utility-scale carbon capture technology to be implemented on natural gas plants. Furthermore, there are plans for the captured CO? to be purified and reused, showcasing a practical application of this innovative technology.

PPL's Commitment to Research and Development

PPL's latest initiative reflects its continuous commitment to research and development, joining a larger portfolio of over 175 projects in collaboration with various academic and industry partners. These projects address diverse areas, from low-carbon energy technology development to enhancing grid resilience.

The Long-Standing Partnership with Educational Institutions

PPL's relationship with the University of Kentucky stretches back nearly two decades. Together, they have worked on numerous carbon capture projects, including a pilot-scale facility developed at a coal-fired generating station in 2014.

About PPL

PPL Corporation (NYSE: PPL) is a major U.S. energy company dedicated to providing safe, reliable, and affordable electricity and natural gas to over 3.5 million customers. With a focus on building smarter and more resilient energy systems, PPL is at the forefront of advancing sustainable energy solutions.

About the Office of Clean Energy Demonstrations

The U.S. Department of Energy's Office of Clean Energy Demonstrations aims to accelerate the adoption of clean energy technologies and ensure that the nation meets its climate goals efficiently and effectively. Their collaboration with private entities is crucial for moving forward with scalable energy projects.

Frequently Asked Questions

What is the purpose of the funding received by PPL Corporation?

The funding aims to support a carbon capture project at PPL's natural gas generation facility, contributing to sustainable energy goals.

How much federal funding has PPL secured?

PPL has secured up to $72 million in federal funding from the U.S. Department of Energy's Office of Clean Energy Demonstrations.

What are the expected benefits of the carbon capture project?

The project is expected to significantly reduce CO? emissions and promote the use of captured carbon in beneficial ways.

Who are PPL's partners in this initiative?

PPL partners with the University of Kentucky, Electric Power Research Institute, and several other organizations in this carbon capture endeavor.

What is PPL's long-term vision for energy?

PPL aims to lead in clean energy technologies that push towards economy-wide net-zero carbon emissions by 2050.

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