Businesses
News releases, reports, statements and associated documents from U.S. and international businesses.
Featured Stories
Salam Taps Oracle to Optimize Business Operations and Innovate With New Service Offerings
REDWOOD SHORES, California, July 26 -- Oracle, a developer of hardware and software products, issued the following news release:
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Oracle Communications managed services to support reliable service delivery and performance for critical IT systems
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Riyadh and Austin, Texas--Jul 25, 2024 -- Salam, a leading Saudi telecom provider, has awarded Oracle a managed services agreement to support its ongoing digital transformation. The collaboration will help Salam expedite operational excellence and enhance the experience it provides customers. These efforts will also further Salam's contributions
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REDWOOD SHORES, California, July 26 -- Oracle, a developer of hardware and software products, issued the following news release:
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Oracle Communications managed services to support reliable service delivery and performance for critical IT systems
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Riyadh and Austin, Texas--Jul 25, 2024 -- Salam, a leading Saudi telecom provider, has awarded Oracle a managed services agreement to support its ongoing digital transformation. The collaboration will help Salam expedite operational excellence and enhance the experience it provides customers. These efforts will also further Salam's contributionsto the Kingdom's Vision 2030 mission, which includes making Saudi Arabia a more connected and digitized nation.
Oracle Communications Consulting will provide critical support and guidance for managed IT operations, performance management, and service quality improvement. Using an Information and Communication Technology (ICT)-focused approach, Oracle will help Salam increase operational efficiencies, proactively identify and address potential issues, and enable seamless service delivery to its end customers.
"Oracle's technologies and managed services are accelerating our time to market for 5G," said Ahmed Al-Anqari, CEO of Salam. "As a Saudi-born company, Salam is at a digital transformation milestone in its journey. Our focus is on contributing to the advancement of KSA's ICT sector by enhancing our managed services among many other strategic initiatives. This will enable us to better serve the unique demands of our broad and growing customer base and be future-proof starting today."
A stacked advantage
Salam recently implemented components of Oracle Cloud Scale Monetization and Oracle Unified Operations, plus Oracle Sales CRM, to replace its legacy systems with a modular pre-integrated stack. This integration helps avoid the costly and time-consuming process of complex integrations with a high level of customization. With Oracle, Salam can launch, orchestrate, and monetize new offerings as the market demands. Future phases will take advantage of other Oracle Communications solutions to fast-track new digital services, such as 5G-enabled streaming, AR/VR gaming, and IoT-connected devices.
"Our close collaboration with Salam will help to diversify the company's revenue streams and strengthen its reputation as an innovator in the Middle East," said Ajay Goyal, group vice president, Oracle Communications. "In the fast-changing telco landscape, a cohesive managed services approach to systems, processes, and integrations is critical to the delivery of profitable services and, ultimately, a superior customer experience. We are dedicated to supporting Salam's business transformation goals by providing exemplary operational service, and product and network expertise."
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About Salam
Salam (formally ITC) is a leading Saudi-based telecom provider offering next-generation ICT solutions for broadband, connectivity, cloud computing, managed services, security services, satellite services, and internet services for government, businesses, wholesale, and consumer sectors. The company focused on helping businesses be smarter, more digital, more integrated, and more secure.
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About Oracle Communications
Oracle Communications provides integrated communications and cloud solutions for Service Providers and Enterprises to accelerate their digital transformation journey in a communications-driven world from network evolution to digital business to customer experience. http://www.oracle.com/communications
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About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at http://www.oracle.com.
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Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company--ushering in the new era of cloud computing.
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Original text here: https://www.oracle.com/news/announcement/salam-taps-oracle-to-optimize-business-operations-and-innovate-with-new-service-offerings-2024-07-25/
[Category: BizComputer Technology]
Recent Insights and Advances in Treatment and Management Show Promise in Stemming the Growing Prevalence of Diabetes
LOS ANGELES, California, July 26 (TNSres) -- The UCLA Health issued the following news release:
A new paper surveying advances in diabetes pathogenesis and treatment explores the complex factors contributing to the onset and progression of the disease, suggesting that an understanding of these dynamics is key to developing targeted interventions to reduce the risk of developing diabetes and managing its complications.
In a paper published July 25 in a special 50th anniversary issue of the peer-reviewed journal Cell, the authors surveyed hundreds of studies that have emerged over the years looking
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LOS ANGELES, California, July 26 (TNSres) -- The UCLA Health issued the following news release:
A new paper surveying advances in diabetes pathogenesis and treatment explores the complex factors contributing to the onset and progression of the disease, suggesting that an understanding of these dynamics is key to developing targeted interventions to reduce the risk of developing diabetes and managing its complications.
In a paper published July 25 in a special 50th anniversary issue of the peer-reviewed journal Cell, the authors surveyed hundreds of studies that have emerged over the years lookingat the causes underpinning types 1 (T1D) and 2 (T2D) diabetes and new treatments for the disease. They examine the role that genes, environmental factors, and social determinants of health play and diabetes' effect on cardiovascular and kidney disease.
What they found shows there are many advances in treatments that could stem the tide of a disease that has struck millions of people around the globe and continues to grow. In addition, some of these advances could be used to treat other disorders. But there are still challenges ahead.
"As the prevalence of diabetes continues to grow around the world, it is important to understand the latest advancements in research so that clinicians can provide the best care to their patients, and patients can make informed choices that support improved health outcomes," said lead author Dr. E. Dale Abel, chair of the UCLA Department of Medicine. "This is an educational resource that integrates the latest research and trends in diabetes management, which may have implications for clinical practice as the diabetic patient population continues to grow.
"This review will be the go-to reference for physicians and researchers, providing a state-of-the-art update of where the field is currently, and where it is headed," Abel added.
Most people are affected by type 2 diabetes, for which inadequate diet and obesity are important underlying causes. Type 1 diabetes accounts for fewer than 5% of all cases. As of 2021 about 529 million people around the world were diagnosed with diabetes, representing about 6.1% of the global population, or about one in 16 people. Prevalence in some regions is as high as 12.3%. Type 2 diabetes comprises about 96% of cases, with more than half due to obesity. Some 1.31 billion people are projected to have the disease by 2050, with prevalence rising as high as 16.8% in North Africa and the Middle East and 11.3% in Latin America and the Caribbean, the researchers write.
Genetics, the central nervous system, and the interplay between various organs as well as social and environmental factors such as food insecurity and air pollution play a role in development of diabetes.
But some recent discoveries represent significant strides toward managing and perhaps even reversing the disease. For instance, a 2019 study found that a 14-day course of the antibody teplizumab delayed the progression of type 1 diabetes from stage 1 to stage 3 by 24 months. A follow-up analysis in 2021 showed that the delay could be up to 32.5 months.
Based on these results, the U.S. Food and Drug Administration approved teplizumab as the first disease-modifying therapy for type 1 diabetes, the researchers write.
Advances in insulins with optimized pharmacokinetics, algorithm-driven subcutaneous insulin pumps, continuous glucose monitoring, and improved tools for self-management have significantly improved the quality of life and outcomes for people with stage 3 type 1 diabetes.
In addition, stem cells could replace insulin-producing cells that are lost in type 1 diabetes, Abel said.
For type 2 diabetes, three classes of glucose-lowering medicines that were introduced in the last 20 years -- GLP1RAs (glucagon like peptide-1 receptor agonists), DPP-4 inhibitors, and SGLT-2 inhibitors -- have enabled people to control their glucose levels without gaining weight and with a low risk of developing hypoglycemia. Personalized and precision medicine approaches are being explored to target the molecular mechanisms behind diabetes. However, they must demonstrate that benefits are clinically superior to standard care and are cost-effective. Also, it remains to be seen if precision approaches can be implemented in all settings worldwide, including those with few resources.
Combinations of GLP1Ras and with molecules that target other receptors such as GIP have shown even greater efficacy in treating diabetes. Recent trials have also shown that they are very effective in treating obesity, certain types of heart failure and even sleep apnea, in part because of their potency to induce weight loss and reduce inflammation. Clinical trials are now underway to test their efficacy in treating other disorders such as Alzheimer's disease, Abel said.
"Advances in therapy now raise the hope of preventing or curing T1D and treating T2D in ways that not only improve metabolic homeostasis, but also concretely reduce the risk and progression of cardio-renal disease," the researchers write. "Finally, as we understand and develop tools for discerning the underlying heterogeneity leading to diabetes and its complications, the stage will be set for targeting therapies and prevention strategies to optimize their impact, in ways that will be broadly applicable across diverse populations and availability of health care resources."
Additional co-authors are Anna Gloyn of Stanford University, Carmella Evans-Molina of Indiana University, Joshua Joseph of The Ohio State University, Shivani Misra of Imperial College London, Utpal Pajvani of Columbia University, Judith Simcox of University of Wisconsin-Madison, Katalin Susztak of University of Pennsylvania, and Daniel Drucker of University of Toronto.
The research programs of study authors have been funded by the National Institute of Diabetes and Digestive and Kidney Diseases (R01DK127236, U01DK127786, U01DK127382, R01 DK127308, R01DK133881, UC4 DK104166, P30 DK097512, UM1 DK126185, U01DK123743, U24DK098085, P30DK11607406, R01DK132403, AHRQ R01HS028822, DK103818, DK119767, R01DK133479), National Heart, Lung and Blood Institute (RO1DK125079, R61HL141783), American Heart Association (20SFRN35120123, 23SFRNCCS1052486, 23SFRNPCS1067039, 24FIM1266846), U.S. Department of Veterans Affairs Merit Award (I01BX001733), Wellcome Trust (095101, 200837), Wellcome Trust Career Development Award (223024/Z/21/Z), Glenn Foundation, American Federation for Aging Research (A22068); Hatch Grant (WIS04000-1024796); JDRF (JDRF201309442); Canadian Institutes of Health Research (154321), a BBDC-Novo Nordisk Chair in Incretin Biology, and Sinai Health-Novo Nordisk Fund in Regulatory Peptides.
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JOURNAL: Cell https://www.cell.com/cell/fulltext/S0092-8674(24)00703-7
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Original text here: https://www.uclahealth.org/news/release/recent-insights-and-advances-treatment-and-management-show
[Category: Medical]
Pega Achieves In Process Status for FedRAMP's Highest Security Level for Cloud Services
CAMBRIDGE, Massachusetts, July 26 -- Pegasystems, a software company empowering digital transformation, issued the following news release on July 25, 2024:
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Pega Cloud for Government designated Ready for FedRAMP High for use in the U.S. Federal Government's most sensitive IT projects
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Pegasystems Inc. (NASDAQ: PEGA), the leading enterprise AI decisioning and workflow automation platform, today announced its latest milestone in advancing its federal agency capabilities by achieving FedRAMP(R) High Ready compliance and In Process status with the Department of Veterans Affairs for its
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CAMBRIDGE, Massachusetts, July 26 -- Pegasystems, a software company empowering digital transformation, issued the following news release on July 25, 2024:
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Pega Cloud for Government designated Ready for FedRAMP High for use in the U.S. Federal Government's most sensitive IT projects
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Pegasystems Inc. (NASDAQ: PEGA), the leading enterprise AI decisioning and workflow automation platform, today announced its latest milestone in advancing its federal agency capabilities by achieving FedRAMP(R) High Ready compliance and In Process status with the Department of Veterans Affairs for itsPega Cloud(R) for Government solution.
With data breaches and malicious hacking on the rise, the federal government requires its cloud providers to uphold strict security standards to protect the data held by its agencies. The FedRAMP program provides a standardized approach to assessing the security capabilities of cloud services used by federal agencies. These controls are a subset of the National Institute of Standards and Technology (NIST) SP 800-53 controls that are tailored and augmented to address the unique risks associated with cloud computing environments and the sensitive nature of high-impact federal data.
FedRAMP High, FedRAMP's most rigorous standard, assesses IT solutions across hundreds of security controls rooted in NIST for security and risk management vulnerabilities. This designation represents a significant commitment to delivering secure, efficient, and compliant solutions tailored to the needs of federal agencies. Pega's pursuit of FedRAMP High underscores its dedication to meeting the unique requirements and challenges faced by federal agencies and providing them with the confidence to securely embrace digital transformation initiatives.
Pega Cloud for Government is a fully managed cloud offering that provides the tools, environments, and operational support that empower government agencies to develop applications optimized for government workloads. It connects data and systems across operational silos, helping streamline organizational complexity while improving operational efficiency. The solution offers government agencies the flexibility to scale to meet new requirements while maintaining compliance with critical government standards. Powered by AWS GovCloud, Pega Cloud for Government can run highly sensitive government workloads with the hardened security and production-grade capabilities that government agencies require.
Pega currently works with some of the largest government agencies in the world to help them achieve their modernization goals and transform their digital experiences.
Learn more at Government Empowered 2024, the company's annual government conference on October 16 in Washington, DC, and hear success stories from government clients around the world. For more information, visit https://www.pega.com/GovEmpowered.
Quotes & Commentary
"Pega has long been trusted by U.S. federal and state governments to leverage our technology as part of their most significant IT projects," said Jen Pratt, General Manager, US government, Pega. "Our FedRAMP High designation further assures these agencies that their digital transformation projects comply with the government's highest standards for security and risk assessment regulations."
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Supporting Resources
* Product datasheet: Pega Cloud for Government
* Background: Pega for Government
* Security background: Pega Trust Center
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About Pegasystems
Pega provides a powerful platform that empowers the world's leading organizations to unlock business-transforming outcomes with real-time optimization. Clients use our enterprise AI decisioning and workflow automation to solve their most pressing business challenges - from personalizing engagement to automating service to streamlining operations. Since 1983, we've built our scalable and flexible architecture to help enterprises meet today's customer demands while continuously transforming for tomorrow.
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Original text here: https://www.pega.com/about/news/press-releases/pega-achieves-process-status-fedramp%E2%80%99s-highest-security-level-cloud
[Category: BizComputer Technology]
Parsons Opens EMEA Headquarters in Abu Dhabi
PASADENA, California, July 26 -- Parsons Corp., an engineering, construction, technical and management services firm, issued the following news release:
Parsons Corporation celebrated the opening of the company's Europe, Middle East, and Africa (EMEA) headquarters located in Abu Dhabi, United Arab Emirates. The new office was officially inaugurated by Parsons' Chair, President, and CEO Carey Smith in a ribbon cutting with VIPs, the Parsons' regional leadership team and employees earlier this year.
The company's Infrastructure EMEA group is one of Parsons' four operating business units and boasts
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PASADENA, California, July 26 -- Parsons Corp., an engineering, construction, technical and management services firm, issued the following news release:
Parsons Corporation celebrated the opening of the company's Europe, Middle East, and Africa (EMEA) headquarters located in Abu Dhabi, United Arab Emirates. The new office was officially inaugurated by Parsons' Chair, President, and CEO Carey Smith in a ribbon cutting with VIPs, the Parsons' regional leadership team and employees earlier this year.
The company's Infrastructure EMEA group is one of Parsons' four operating business units and boastsa workforce of more than 6,500 employees across three continents.
"We are proud to have been operating in EMEA for more than six decades and our new office is a testament to our commitment to delivering innovative solutions for our customers," said Pierre Santoni, President, Infrastructure EMEA for Parsons. "The company remains focused on continuing to grow our business across all the geographies that we serve, which include some of the world's premier global economies, attracting world class talent, and delivering incredible projects that help humankind to imagine next."
Earlier this year, Parsons announced the opening of its Middle East headquarters in Riyadh, Saudi Arabia where a team of over 2,000 people are managing upwards of 50 projects, predominantly regional mega and giga projects, including project management services on King Salman Park, Soudah Peaks and King Abdulla Financial District.
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About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection.
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Original text here: https://www.parsons.com/2024/07/parsons-opens-emea-headquarters-in-abu-dhabi/
[Category: BizConstruction]
NextGen Healthcare and Mental Health Corporations of America Launch Center of Innovation to Empower Behavioral Health Organizations
HORSHAM, Pa., July 26 -- NextGen Healthcare Information Systems issued the following news release:
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Leading Healthtech Company and Esteemed Behavioral Health Association Unveil New Platform for Elevating Standards of Care Delivery
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REMOTE-FIRST COMPANY/TALLAHASSEE, FL. -- July 25, 2024 -- NextGen Healthcare and Mental Health Corporations of America (mhca) are joining forces to launch a first-of-its-kind Center of Innovation (COi) that will promote best practices in behavioral health care delivery and provide educational resources for industry leaders--elevating standards of care nationwide.
A
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HORSHAM, Pa., July 26 -- NextGen Healthcare Information Systems issued the following news release:
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Leading Healthtech Company and Esteemed Behavioral Health Association Unveil New Platform for Elevating Standards of Care Delivery
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REMOTE-FIRST COMPANY/TALLAHASSEE, FL. -- July 25, 2024 -- NextGen Healthcare and Mental Health Corporations of America (mhca) are joining forces to launch a first-of-its-kind Center of Innovation (COi) that will promote best practices in behavioral health care delivery and provide educational resources for industry leaders--elevating standards of care nationwide.
Aprominent national association of behavioral healthcare organizations, mhca has been equipping industry leaders with education, resources, and networking opportunities since 1984. In today's rapidly evolving healthcare landscape, behavioral health teams are experiencing new challenges as business models shift and a shortage of behavioral health professionals persists. mhca and NextGen Healthcare, a leading provider of innovative healthcare technology and data solutions, recognized the need for an "open-source playbook" of best practices and a forum for industry leaders to exchange ideas and evaluate solutions to shared problems.
Formally launching on August 15, the COi will focus on creating purpose-driven disruptions in areas such as data infrastructure alignment, population health improvement, whole-person care models, and alternative payment models. COi members will meet virtually and in-person to explore these topics and others, learning from each other and building relationships with forward-thinking peers from various integrated care organizations, including Certified Community Behavioral Health Clinics (CCBHCs), Federally Qualified Health Centers (FQHCs), health center program look-alikes, and community organizations.
"As the industry faces unprecedented shifts and growing demands, we are honored to collaborate with mhca to launch a Center of Innovation that will position behavioral health organizations for long-term success," said David Sides, CEO, NextGen Healthcare. "This initiative underscores NextGen Healthcare's commitment to fostering innovative solutions and building alliances that drive the future of integrated healthcare."
"Founded on the principle of collaboration, mhca is committed to addressing critical issues affecting behavioral health professionals," said Dale Shreve, president and CEO, Mental Health Corporations of America. "We are thrilled to work with NextGen Healthcare to create a Center of Innovation. Together, we are poised to make significant strides in improving care delivery and outcomes."
COi membership is open exclusively to mhca members. Please visit nextgen.com to learn more about how NextGen Healthcare is transforming the delivery of whole-person care.
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About NextGen Healthcare, Inc.
NextGen Healthcare, Inc. is a leading provider of innovative healthcare technology and data solutions.We are reimagining ambulatory healthcare with award-winning EHR, practice management and surround solutions that enable providers to deliver whole-person health and value-based care. Our highly integrated, intelligent, and interoperable solutions increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a relentless quest to achieve better healthcare outcomes for all.
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About Mental Health Corporations of America
mhca is a national association of innovative, entrepreneurial behavioral healthcare organizations focused on the development of C-suite executives. mhca exists to equip and empower behavioral health leaders to rise to the challenges presented by a transforming healthcare delivery system. We value excellence, collaboration and innovation and actively seek out organizations and leaders exemplifying these characteristics for potential membership
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Original text here: https://www.nextgen.com/company/newsroom/press-release/nextgen-healthcare-and-mental-health-corporations-of-america-launch-center-of-innovation-to-empower
[Category: HealthRX]
Kentucky American Water Investing $18 Million to Support Water Service in Millersburg Area
CAMDEN, New Jersey, July 26 -- Kentucky American Water, a subsidiary of American Water, issued the following news release:
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Additional investment comes as company marks 10th anniversary of service to Bourbon County community
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As Kentucky American Water approaches the 10th anniversary of its acquisition of the City of Millersburg's water and wastewater systems, the company is embarking on additional investment to benefit the Bourbon County community: an $18.6 million water main to connect the company's existing water main in western Bourbon County to its water system in Millersburg.
"Kentucky
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CAMDEN, New Jersey, July 26 -- Kentucky American Water, a subsidiary of American Water, issued the following news release:
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Additional investment comes as company marks 10th anniversary of service to Bourbon County community
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As Kentucky American Water approaches the 10th anniversary of its acquisition of the City of Millersburg's water and wastewater systems, the company is embarking on additional investment to benefit the Bourbon County community: an $18.6 million water main to connect the company's existing water main in western Bourbon County to its water system in Millersburg.
"KentuckyAmerican Water is committed to providing quality, reliable water and wastewater service for its customers and we understand the important role that water plays when it comes to economic development," said Kathryn Nash, president of Kentucky American Water. "This is an exciting time for Millersburg and Bourbon County, and we're pleased to better support current and future water needs through this continued investment."
For the past 10 years, Kentucky American Water has purchased water to meet Millersburg's water supply needs. Once the new pipeline is completed, the company will directly supply its approximately 500 Millersburg water customers and two wholesale customers - Harrison County Water District and Nicholas County Water District.
The water main extension project begins this month and will be in service by the end of the year, followed by final restoration. Construction will involve installing 12- and 16-inch diameter water mains spanning a combined length of approximately 13 miles. While a few easements will be needed, most of the pipe will be placed in state rights-of-way.
During the past decade, there have been various challenges with purchasing water to supply the community of Millersburg, leading the company to research alternatives. After significant review, the company sought approval from the Kentucky Public Service Commission in July 2023 to construct a water main from its existing lines in Bourbon County around Paris and to Millersburg. The PSC approved the project in late 2023.
"The Bourbon County Fiscal Court is incredibly excited about Kentucky American's commitment to extend their supply infrastructure in Bourbon County," said Bourbon County Judge Executive Mike Williams. "Their support of the joint Bourbon County Nicholas County Industrial Park and the City of Millersburg is crucial to future economic success and growth in Bourbon County and the quality of life for our citizens. Kentucky American Water is truly a community partner and a crucial participant in reaching our goals for the future."
"Millersburg is in the midst of a revitalization like we've not seen in 20 years," Millersburg Mayor Juliet Hopkins added. "With the planned expansion of housing and businesses, Millersburg must have an increased water supply. We are thankful that Kentucky American Water is stepping up to meet the future needs of our city."
The project will be divided into four sections for quicker construction, with crews working concurrently on two or more sections in order to achieve the end-of-year deadline. Three contractors will be used for construction - CJ Hughes Construction, Famco and Little Creek Construction. The four sections of construction are:
1) Along US 68 from the end of the company's existing lines in Bourbon County at Houston Oaks Golf Course toward Paris, stopping prior to the first crossing of Houston Creek.
2) From the first crossing of Houston Creek (approximately across from Bourbon Hills Drive) to the intersection of the bypass and US-68 on the north side of Paris.
3) From the northern intersection of US-68 and the bypass and extending to approximately half the distance of this intersection to the company's current connection to Paris located south of Millersburg.
4) The remaining distance along US-68 and Old Millersburg Road.
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Original text here: https://www.amwater.com/press-room/press-releases/kentucky/kentucky-american-water-investing-18-million-to-support-water-service-in-millersburg-area
[Category: BizWater]
CenterPoint Energy Innovation Plan Approved for Implementation to Help Advance Decarbonization Efforts in Minnesota
HOUSTON, Texas, July 26 -- CenterPoint Energy issued the following news release:
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Wide-ranging plan approved by the Minnesota Public Utilities Commission expected to help reduce greenhouse gas emissions, promote job creation and leverage federal funding
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Minneapolis - July 25, 2024 - Today, CenterPoint Energy, Minnesota's largest natural gas utility, received approval from the Minnesota Public Utilities Commission (PUC) to implement a diverse set of innovative pilot projects that aim to reduce greenhouse gas emissions and advance decarbonization efforts in Minnesota. The approved
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HOUSTON, Texas, July 26 -- CenterPoint Energy issued the following news release:
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Wide-ranging plan approved by the Minnesota Public Utilities Commission expected to help reduce greenhouse gas emissions, promote job creation and leverage federal funding
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Minneapolis - July 25, 2024 - Today, CenterPoint Energy, Minnesota's largest natural gas utility, received approval from the Minnesota Public Utilities Commission (PUC) to implement a diverse set of innovative pilot projects that aim to reduce greenhouse gas emissions and advance decarbonization efforts in Minnesota. The approvedplan includes investments in made-in-Minnesota low- and zero-carbon gases like renewable natural gas and green hydrogen, as well as emerging technologies such as networked geothermal systems and onsite carbon capture.
The projects are part of a five-year innovation plan submitted under a landmark state energy law: the Natural Gas Innovation Act (NGIA). Passed with bipartisan support in 2021, the NGIA created a new regulatory framework for natural gas utilities to invest in renewable energy resources and innovative technologies to help reduce Minnesota's greenhouse gas emissions. CenterPoint is the first utility in Minnesota to file and have an innovation plan approved.
According to the U.S. Energy Information Administration, more than two-thirds of Minnesota households, or 1.5 million households, depend on natural gas for heating, in addition to natural gas supporting the operations of many businesses and industries in the state. CenterPoint provides natural gas service to more than 920,000 home and business customers in Minnesota.
"CenterPoint looks forward to implementing our innovation plan as part of our efforts to advance Minnesota's energy future," said Brad Steber, CenterPoint Energy's Vice President, Minnesota Gas. "Being in a cold climate state, we understand the need for readily available, cost-effective, safe and reliable energy solutions that keep us warm on winter's coldest days. We know that there is not one solution alone to meet our state's decarbonization goals, but we are excited to work to accelerate technologies that show promise for a cleaner tomorrow."
CenterPoint's innovation plan is expected to deliver significant benefits to Minnesota, including:
* Reducing or avoiding an estimated 1.2 million tons of carbon emissions over the lifetime of the projects - equivalent to the annual energy use of approximately 150,000 homes or 14% of total emissions from natural gas supplied to CenterPoint customers in Minnesota each year.
* Creating an estimated 3,000 full-time equivalent jobs over the pilot projects' lifetimes.
* Leveraging an estimated approximately $17 million or more in federal clean energy incentives (as applicable).
The total estimated budget to implement this plan is approximately $106 million over five years. The plan adds an estimated $1.50 per month to a standard residential monthly utility bill.
The plan includes 17 pilot projects and seven research-and-development projects. These projects will evaluate and deploy a wide variety of innovative resources and technologies. Key pilot projects include:
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Made-in-Minnesota gas alternatives
Under NGIA, at least 50% of an innovation plan's total investments are required to be dedicated toward generating, purchasing or distributing natural gas alternatives. CenterPoint's innovation plan will invest in low-carbon, zero-carbon and even carbon-negative energy resources that can supplement or replace conventional natural gas, including:
* Renewable natural gas (RNG) is developed by recycling organic waste materials from farms, food waste, wastewater treatment facilities and other sources to produce pipeline-quality gas. CenterPoint plans to purchase RNG to help offset greenhouse gas emissions attributed to energy used by customers.
* Green hydrogen is produced by splitting water into oxygen and hydrogen using renewable electricity. It can be blended into the utility's natural gas supply or used directly in a dedicated system with industrial or large commercial customers. CenterPoint has a green hydrogen production facility pilot project that's been in operation in Minneapolis since 2022. The plan includes developing a second green-hydrogen production facility, which will use onsite solar panels and include a hydrogen storage system at a CenterPoint-owned property near Mankato, Minnesota.
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Networked geothermal systems
CenterPoint plans to develop a networked geothermal system, also known as a thermal energy network, to provide building heating and cooling to a neighborhood currently served by the utility. A geothermal system uses a network of wells, water, pipes and pumps to pull heat out of the ground, delivering warmth to buildings in winter and pumping heat from those buildings back into the ground to provide cooling in summer. Additionally, CenterPoint will offer incentives available for large customers to partially offset costs to install and operate their own networked geothermal system.
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Hybrid heating
The plan includes incentives for home and business customers to install hybrid heating systems that use electric heat pumps with supplemental natural gas heating for the coldest days with the goal of reducing customer energy costs and maintaining energy efficiency.
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Industrial decarbonization
Through this plan, CenterPoint is seeking opportunities to help customers reduce their emissions in more difficult-to-decarbonize sectors. The plan includes incentives and other support to industrial customers intended to help improve efficiency and reduce emissions for high-heat processes such as glassmaking, concrete production and metal foundries. Technologies that could be leveraged depend on the type of business and may include electric heat pumps, onsite carbon capture, installing onsite green hydrogen production facilities and updating boilers to use up to 100% green hydrogen.
CenterPoint is committed to reducing greenhouse gas emissions, as demonstrated by its company-wide Net Zero goals by 2035 for its Scope 1 and certain Scope 2 greenhouse gas emissions. Also, CenterPoint is committed to helping residential and business customers reduce greenhouse gas emissions attributable to their end use of natural gas by 20-30% by 2035 (from a 2021 baseline). The total greenhouse gas emission reductions under this Scope 3 goal are comparable to those for the company's combined Scope 1 and 2 Net Zero goals.
To learn more about CenterPoint's efforts to advance Minnesota's energy future, visit CenterPointEnergy.com/FutureMN.
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About CenterPoint Energy, Inc.
As the only investor owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of March 31, 2024, the company owned approximately $40 billion in assets. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.
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Forward Looking Statement:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as CenterPoint Energy's ability to execute on the innovation plan, including the planned scope of projects and anticipated benefits, and the associated extent of greenhouse gas emission reductions, advancement of decarbonization efforts and the number of jobs created by the innovation plan, the extent to which and timing of CenterPoint Energy's ability to recover costs to implement the innovation plan, the amount and expected impact to customer's bills and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release.
Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include, but are not limited to, risks and uncertainties relating to: Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include, but are not limited to, risks and uncertainties relating to: (1) CenterPoint's business strategies and strategic initiatives; (2) changes in market demand; (3) CenterPoint's ability to fund and invest planned capital and the timely recovery of CenterPoint's investments; (4) financial market conditions; (5) general economic and political conditions; (6) the timing and impact of regulatory proceedings and actions and legal proceedings; (7) effects of competition; (8) catastrophic events including public health threats; (9) weather variations and the impact of climate change; (10) changes in business plans; (11) continued disruptions to the global supply chain including volatility in commodity prices; (12) changes in technology; (13) legislative actions, including tax and developments related to the environment such as global climate change, air emissions, carbon, waste water discharges and the handling of coal combustion residuals; (14) CenterPoint Energy's ability to execute on its initiatives, targets and goals and operations and maintenance goals and (15) other factors discussed CenterPoint's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and CenterPoint's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, including in the "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" sections of such reports, and other reports CenterPoint or its subsidiaries may file from time to time with the Securities and Exchange Commission.
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Net Zero Disclaimer
CenterPoint Energy's Scope 1 emissions estimates are calculated from emissions that directly come from its operations. CenterPoint Energy's Scope 2 emissions estimates are calculated from emissions that indirectly come from its energy usage, but because Texas is in an unregulated market, its Scope 2 estimates do not take into account Texas electric transmission and distribution assets in the line loss calculation and exclude emissions related to purchased power between 2024E-2026E. CenterPoint Energy's Scope 3 emissions estimates are based on the total natural gas supply delivered to residential and commercial customers as reported in the U.S. Energy Information Administration (EIA) Form EIA-176 reports and do not take into account the emissions of transport customers and emissions related to upstream extraction. While CenterPoint Energy believes that it has a clear path towards achieving its Net Zero greenhouse gas emissions (Scope 1 and certain Scope 2) by 2035 goals, its analysis and path forward required it to make a number of assumptions. These goals and underlying assumptions involve risks and uncertainties and are not guarantees. Should one or more of CenterPoint Energy's underlying assumptions prove incorrect, CenterPoint Energy's actual results and ability to achieve Net Zero Scope 1 and certain Scope 2 greenhouse gas emissions by 2035 could differ materially from its expectations. Certain of the assumptions that could impact CenterPoint Energy's ability to meet its Net Zero Scope 1 and certain Scope 2 greenhouse gas emissions goals include, but are not limited to: greenhouse gas emission levels; service territory size and capacity needs remaining in line with company expectations; regulatory approval of Indiana Electric's generation transition plan; impacts of future environmental regulations or legislation; impacts of future carbon pricing regulation or legislation, including a future carbon tax; price, availability and regulation of carbon offsets; price of fuel, such as natural gas; cost of energy generation technologies, such as wind and solar, natural gas and storage solutions; adoption of alternative energy by the public, including adoption of electric vehicles; rate of technology innovation with regards to alternative energy resources; CenterPoint Energy's ability to implement its modernization plans for its pipelines and facilities; CenterPoint Energy's ability to complete and implement generation alternatives to Indiana Electric's coal generation and retirement dates of Indiana Electric's coal facilities by 2035; CenterPoint Energy's ability to construct and/or permit new natural gas pipelines; CenterPoint Energy's ability to procure resources needed to build at a reasonable cost, the lack of or scarcity of resources and labor, the lack of any project cancellations, construction delays or overruns and CenterPoint Energy's ability to appropriately estimate costs of new generation; impact of any supply chain disruptions; changes in applicable standards, metrics, methodologies or frameworks; and enhancement of energy efficiencies.
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Original text here: https://www.centerpointenergy.com/en-us/corporate/about-us/news/1792
[Category: BizEnergy]
