ARLINGTON - The AES Corporation (NYSE: AES) announced the start of operations of the first liquefied natural gas (LNG) hub in Panama and Central America, located at the AES Colón plant. AES Colón consists of the 180,000 m3 LNG tank and a 381 MW combined cycle power plant, which reached commercial operations in 2018 and had been previously operating with gas from temporary sources.
The commercial operation of the LNG storage facility will allow for the use of LNG throughout the region and establish Panama as the natural gas hub for the Central American region. The use of LNG helps both reduce CO2 (carbon dioxide) emissions and increase renewable energy penetration. Furthermore, LNG conversion lowers electricity costs and provides greater price stability to support economic growth.
“The inauguration of the AES Colón storage facility is a significant milestone toward transforming the Central American energy sector, and enabling a safer and more sustainable energy future,” said Andrés Gluski, AES President and Chief Executive Officer. “Since AES introduced natural gas in the Dominican Republic 19 years ago, it saved consumers more than half a billion dollars a year and avoided approximately four million tons of CO2 emissions annually.”
Speaking about the inauguration event, Mr. David Stone, CEO and Managing Director of AES Vietnam said, “I would like to congratulate AES Panama on this great achievement of inaugurating the first LNG hub in Central America. LNG has the potential to be a transformative energy technology by providing both economic and environmental benefits. It’s also AES’ major focus in Vietnam as it fits the new strategy of the Government of Vietnam in power sector. Recently, we were officially granted approval by the Government of Vietnam to develop Son My 2, a 2.25 GW combined cycle gas turbine power plant and 450 TBtu Son My LNG terminal in Binh Thuan province. With these two projects, AES is fully committed to the country’s growth in cleaner energy sources and offering the most reliable and affordable electricity to support the continued economic growth of Vietnam”.
AES has reserved 80 percent of AES Colón’s terminal capacity for use by industrial and commercial companies in Panama and Central America. The additional contracting potential is expected to serve as a further source of growth for the Company.
The LNG hub at AES Colón was completed in record time of 39 months and has employed more than 2,000 Panamanians since the start of the project. AES plans to build a similar project in Vietnam in the coming years, which will bring many of these same benefits to Southeast Asia.
For more information, please contact:
Dang Huong Lan,
Stakeholder Manager, AES Vietnam
Note to editors:
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 14 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2018 revenues were $11 billion, and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Petrovietnam Gas JSC (PVGAS) delegation visited AES Colón plant. PVGAS and AES are cooperating to implement the combined cycle gas turbine (CCGT) power plant in Vietnam.