|By PR Newswire||
|February 11, 2014 12:29 PM EST||
SAN DIEGO, Feb. 11, 2014 /PRNewswire/ -- The U.S. Department of Energy (DOE) today issued a conditional authorization that allows Sempra Energy (NYSE: SRE) subsidiary Cameron LNG to export domestically produced liquefied natural gas (LNG) from its proposed liquefaction facilities in Hackberry, La., to countries that do not have a free trade agreement (FTA) with the U.S.
Subject to environmental review and final regulatory approval, the authorization conditionally approves Cameron LNG to export up to 12 million tonnes per annum (Mtpa), or approximately 1.7 billion cubic feet per day, of natural gas for 20 years commencing on the date of first export.
"Today's authorization by the DOE represents a critical milestone in the development of our export facilities," said Debra L. Reed, chairman and CEO of Sempra Energy. "Exporting natural gas will lead to the creation of thousands of new jobs and economic growth here in the U.S. and enable our partners to deliver domestically produced natural gas to our allies abroad and to the world marketplace."
Cameron LNG also received notice on Jan. 10 that the Federal Energy Regulatory Commission (FERC) issued the draft environmental impact statement to construct and operate the liquefaction facilities. Cameron LNG is the first liquefaction project pending review before FERC to have reached this significant milestone in the permitting process.
"Our progress in permitting and financing our project, along with successful execution of commercial and tolling agreements puts us on track to be one of the first LNG export projects under construction in 2014 and in full commercial operation in 2019," said Octavio M.C. Simoes, president of Sempra LNG. "For more than a decade, we have enjoyed a positive relationship with community leaders and local, state and federal officials who have worked diligently to make Louisiana an attractive state in which to do business. We look forward to the continuation of this relationship as Cameron LNG's liquefaction export facility moves forward."
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2012 revenues of approximately $10 billion. The Sempra Energy companies' nearly 17,000 employees serve more than 31 million consumers worldwide.
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "may," "would," "could," "should," "potential," "target," "pursue," "goals," "outlook," "project," "maintain," "depends," "pursue" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries where the company operates; capital market conditions, including the availability of credit and the liquidity of investments; the timing and success of business development efforts and construction, maintenance and capital projects, including risks inherent in the ability to obtain, and the timing of the granting of, permits, licenses, certificates and other authorizations; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moody's A-rated utility bond yields, on the California utilities' cost of capital; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas, including disruptions caused by failures in the North American transmission grid, pipeline explosions, equipment failure and the decommissioning of SONGS; weather conditions, natural disasters, catastrophic accidents, and conservation efforts; risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; risks posed by decisions and actions of third parties who control the operations of investments in which the company does not have a controlling interest; wars, terrorist attacks and cybersecurity threats; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of SDG&E's electric transmission and distribution system due to increased power supply from renewable energy sources; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through our electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. The company cautions not to unduly rely on these forward-looking statements. These risks and uncertainties are further discussed in the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.
These forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to update or revise these forecasts or projections or other forward-looking statements, whether as a result of new information, future events or otherwise.
Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC and Sempra U.S. Gas & Power, LLC are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SOURCE Sempra Energy
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