Latest news with #BlackstoneInfrastructure
Yahoo
15-07-2025
- Business
- Yahoo
Blackstone and US utility PPL to build gas power plants in JV partnership
By Laila Kearney and Sumit Saha (Reuters) -Pennsylvania electric and gas utility PPL and Blackstone Infrastructure have formed a joint venture to build natural gas generation stations to power data centers under long-term energy services agreements, the companies said on Tuesday. "We're excited to leverage the powerful expertise that PPL and Blackstone Infrastructure possess to bring much-needed new dispatchable generation online in Pennsylvania to match new data center load," said PPL President and CEO Vincent Sorgi in a statement. The announcement came during the Pennsylvania Energy and Innovation Summit in Pittsburgh, where government, technology, and energy officials announced roughly $90 billion in investments in advancing data centers and other aspects of the artificial intelligence boom. U.S. President Donald Trump was expected to be in attendance. The joint venture, of which PPL owns 51% and Blackstone Infrastructure owns the remaining 49%, will seek to sign long-term energy service agreements with large data center companies, the companies said. No such agreements have been reached yet. "The joint venture is actively engaged with landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation buildout," according to the statement.
Malaysian Reserve
15-07-2025
- Business
- Malaysian Reserve
PPL Corporation and Blackstone Infrastructure create joint venture to build natural gas generation in Pennsylvania in support of data center development
Venture to serve data center power needs through long-term energy supply agreements ALLENTOWN, Pa., July 15, 2025 /PRNewswire/ — PPL Corporation (NYSE: PPL) ('PPL') and Blackstone Infrastructure today announced that they have formed a joint venture to build, own and operate new gas-fired, combined-cycle generation stations to power data centers under long-term energy services agreements (ESA). The announcement was made at the Pennsylvania Energy and Innovation Summit hosted by Sen. David McCormick at Carnegie Mellon University in Pittsburgh. 'We're excited to leverage the powerful expertise that PPL and Blackstone Infrastructure possess to bring much-needed new dispatchable generation online in Pennsylvania to match new data center load in a way that directly supports economic development and large load customer needs, helps to mitigate rising electricity prices for energy consumers, and delivers increased value for shareowners without traditional merchant power risk,' said PPL President and Chief Executive Officer Vincent Sorgi. The joint venture seeks to develop front-of-the-meter generation that sits atop the Marcellus and Utica shale basins; can quickly connect to significant, available gas pipeline capacity; and targets areas of significant data center interest. 'We are excited to partner with PPL to develop generation projects that will help Pennsylvania, and PJM, meet the growing demand for power driven by the digitization of the economy,' said Sebastien Sherman, Senior Managing Director, Blackstone Infrastructure. 'Blackstone Infrastructure has a proven track record and commitment to long-term partnerships, and we look forward to working with PPL to power data centers across Pennsylvania and the broader PJM service territory.' The joint venture plans to enter into long-term energy services agreements with regulated-like risk profiles that do not expose the companies to merchant energy and capacity price volatility. Construction of new natural gas plants will require the successful execution of ESAs with hyperscalers. The joint venture is actively engaged with landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation buildout; however, no ESAs with hyperscalers have been signed to date. The joint venture team also looks forward to engaging with local stakeholders as plans develop. PPL owns 51% of the joint venture interest, with Blackstone Infrastructure owning 49%. The parties will ratably share joint venture expenses and distributions. The joint venture does not include PPL Electric Utilities or PPL's other regulated subsidiaries. 'I'm an all-of-the-above energy governor, and we are working to produce even more energy here in Pennsylvania from all sources – from natural gas to solar to wind to nuclear,' said Pennsylvania Gov. Josh Shapiro. 'As a national energy leader, we welcome Blackstone Infrastructure's intent to invest in Pennsylvania and work with PPL to deliver long-term clean energy solutions to power our data centers through natural gas generation. Pennsylvania is competing again, and it is clear that with the significant investments recently announced in the commonwealth and today's historic announcement by PPL and Blackstone Infrastructure, Pennsylvania is primed for investments in energy, data centers, AI and more. I look forward to working with Blackstone Infrastructure and PPL as their plan comes together to create real, good paying jobs and generate new revenue for our communities with investments that will drive economic opportunity to the commonwealth.' A creative solution to a growing needPJM Interconnection has forecasted the potential for capacity shortages as early as the 2026-27 delivery year. With surging demand from data centers, increasing retirements of aging dispatchable generation, and the vast majority of resources in PJM's interconnection queue being intermittent with historically low completion rates, new solutions are needed now. Within PPL Electric Utilities' service territory in Pennsylvania alone, data center interest has reached over 60 gigawatts (GW) of potential projects, with over 13 GW in advanced stages of planning. If all 13 GW come online, PPL estimates a 6 GW generation shortfall in PPL Electric Utilities' service territory in the next five to six years. That represents about a $15 billion investment need, assuming natural gas combined-cycle units are used to meet this need. PPL said it expects this generation to be built by existing independent power producers, the new joint venture being announced today and, if permitted, PPL Electric Utilities. To avoid making significant existing resource adequacy concerns within PJM worse, the joint venture endeavors to build new, dispatchable generation to serve large-load data centers in Pennsylvania. PPL said the joint venture does not lessen the need for additional action to address underlying resource adequacy concerns. This includes passage of current legislation pending before both the Pennsylvania House and Senate to allow the state's utilities to invest in, own and operate generation again. The legislation also encourages utilities to enter into long-term contracts with independent power producers to help derisk their new generation investment. Meeting this unprecedented demand growth will require an unprecedented response and will require all market participants to be part of the solution. 'At PPL, we are committed to developing creative solutions to some of the most pressing challenges we face in today's changing energy landscape,' said Sorgi. 'And in Blackstone Infrastructure, we've found a tremendous partner and long-term energy infrastructure investor that not only has deep expertise in data center development and power generation but also shares our passion to deliver America's AI dominance and to help address resource adequacy concerns within PJM.' About PPLPPL Corporation, headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.6 million customers in the U.S. PPL's high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit About Blackstone InfrastructureBlackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve. Forward-Looking StatementsStatements contained in this press release, including statements about the beliefs, expectations, estimates, future plans and strategies of PPL Corporation, including the potential impacts of the joint venture, PPL Corporation's financial position, capital investments and potential impacts to PPL Corporation's customer base, are 'forward-looking statements' within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from those described in the statements, including the ability of the parties to develop generation projects or enter into long-term energy services agreements with hyperscalers, utilities or other entities, which may not occur or may be delayed, or that any such transaction will ultimately be consummated. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors that we believe are relevant. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. PPL Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law. Media Contacts: Ryan Hill, PPL Corporation rwhill@ 610-774-5997 Paula Chirhart, Blackstone 347-463-5453 Financial Analysts Contact: Andy Ludwig, PPL Corporation 610-774-3389
Reuters
15-07-2025
- Business
- Reuters
Blackstone and US utility PPL to build gas power plants in JV partnership
July 15 (Reuters) - Pennsylvania electric and gas utility PPL (PPL.N), opens new tab and Blackstone Infrastructure have formed a joint venture to build natural gas generation stations to power data centers under long-term energy services agreements, the companies said on Tuesday. "We're excited to leverage the powerful expertise that PPL and Blackstone Infrastructure possess to bring much-needed new dispatchable generation online in Pennsylvania to match new data center load," said PPL President and CEO Vincent Sorgi in a statement. The announcement came during the Pennsylvania Energy and Innovation Summit in Pittsburgh, where government, technology, and energy officials announced roughly $90 billion in investments in advancing data centers and other aspects of the artificial intelligence boom. U.S. President Donald Trump was expected to be in attendance. The joint venture, of which PPL owns 51% and Blackstone Infrastructure owns the remaining 49%, will seek to sign long-term energy service agreements with large data center companies, the companies said. No such agreements have been reached yet. "The joint venture is actively engaged with landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation buildout," according to the statement.
Yahoo
15-07-2025
- Business
- Yahoo
Blackstone and US utility PPL to build gas power plants in JV partnership
By Laila Kearney and Sumit Saha (Reuters) -Pennsylvania electric and gas utility PPL and Blackstone Infrastructure have formed a joint venture to build natural gas generation stations to power data centers under long-term energy services agreements, the companies said on Tuesday. "We're excited to leverage the powerful expertise that PPL and Blackstone Infrastructure possess to bring much-needed new dispatchable generation online in Pennsylvania to match new data center load," said PPL President and CEO Vincent Sorgi in a statement. The announcement came during the Pennsylvania Energy and Innovation Summit in Pittsburgh, where government, technology, and energy officials announced roughly $90 billion in investments in advancing data centers and other aspects of the artificial intelligence boom. U.S. President Donald Trump was expected to be in attendance. The joint venture, of which PPL owns 51% and Blackstone Infrastructure owns the remaining 49%, will seek to sign long-term energy service agreements with large data center companies, the companies said. No such agreements have been reached yet. "The joint venture is actively engaged with landowners, natural gas pipeline companies and turbine manufacturers, and has secured multiple land parcels to enable this new generation buildout," according to the statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Yahoo
Mother confronts son's killer, Albuquerque budget, Clearer weather, PNM parent company potential sale, Pueblo pottery and lowriders
Incompetent to Stand Trial? Arrest, Release, Repeat Which Santa Fe restaurants has Guy Fieri visited on 'Diners, Drive-Ins, and Dives'? Law enforcement provide update on Operation Route 66 in Albuquerque Gateway Center operations to expand with sobering center and housing services UNM men's golf prepare for NCAA Championships Video shows Albuquerque police officer getting arrested for DWI Jet had to abort takeoff to avoid runway collision at New York's LaGuardia Airport [1] Teen murderer faces victim's mother in Albuquerque courtroom – Jacob Lovato was 16-years-old when he was in an apartment on Carlisle Blvd., buying a gun from Gabriel Gurule, then threatened to take it without paying. When Gurule resisted, Lovato sprayed the room with bullets from an automatic handgun, killing Gurule. Monday, Gurule's mother, Jennifer Lucero, shared with the court everything she misses about her son. Lucero also had words for Lovato and his defense attorney. Lovato pled guilty to first-degree murder. He is facing up to 25 years in prison. [2] Albuquerque city councilors approve record-breaking $1.5 billion budget – Albuquerque city councilors have approved next year's $1.5 billion operation budget. Councilors debated several items, including how much of a pay increase they should give city workers. Councilors turned down an amendment that would have given a 1% increase to workers, saying they needed to prioritize other areas like dealing with fire prevention. Councilors did approve the fiscal year 2026 budget, which will go into effect July 1. [3] Clearer and colder start with warmer weather ahead – A late season freeze is likely for locations in western and northern New Mexico Tuesday morning. Freeze Warnings are in effect for these areas. High temperatures will be warmer, but still near to below average Tuesday afternoon. The wind will also be much lighter. Temperatures will continue to warm through the rest of this week. By Friday afternoon, we'll see some of the warmest weather so far this year. [4] PNM parent company announces potential sale to Blackstone Infrastructure – TXNM Energy, the parent company New Mexico's largest electricity provider, PNM, announced Monday that it has entered into an agreement which will allow Blackstone Infrastructure to purchase the company for $11.5 billion. The acquisition is subject to review and approval by the NMPRC along with regulators in Texas and at the federal level. [5] 'Rolling piece of pottery': Car designed by Albuquerque-based artist turns heads – A unique piece of 'rolling pottery' is blending Native American and lowrider culture. Artist Jesse Littlebird says the design of his 1973 Dodge Dart brings his Native American culture together with the lowrider culture he grew up with in Albuquerque. Littlebird, with the help of Max Baptiste, worked to transform the 1973 custom Dodge Dart into a drivable art car. 'Petrolglyph' officially debuted in 2024, and since then, it's been featured in multiple publications and has been on display at different events around the state. You can check out the car at the Kukani Gallery on Sunday's. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
