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PORTSMOUTH, N.H., Jan. 10 /PRNewswire-FirstCall/ -- Microgy, Inc., a subsidiary of Environmental Power Corporation (Amex: EPG - News), has signed a Memorandum of Understanding (the "MOU") with Pacific Gas and Electric Company ("PG&E") regarding the interconnection of renewable biogas projects located in the State of California.
Under the terms of the MOU, PG&E agrees to assist Microgy in identifying potential points of interconnection with PG&E's natural gas transmission network for new biogas projects. Microgy will be solely responsible for developing the biogas-producing facilities and ensuring that the biogas delivered to PG&E's pipeline system meets PG&E's technical specifications, including gas quality and delivery pressure. PG&E will work with Microgy to determine the best manner in which to interconnect Microgy's facilities to PG&E's pipeline network and the best locations for such interconnections. Kam Tejwani, chief executive officer of Environmental Power Corporation, stated, "We are pleased that PG&E, one of the largest and most innovative natural gas utilities in the country, is receptive to the development of renewable gas facilities that can be interconnected with PG&E's system in California . There is value for energy consumers in the state and for California's dairy sector from the development of such resources. California is the largest dairy producer and the largest energy consumer in the US. If successful this initiative promises to help meet the challenges faced by both sectors."
Robert Howard, Vice President of PG&E's California Gas Transmission unit, stated that "PG&E is open to broadening its access to additional natural gas supplies for our customers." He added, "This initiative is promising because it offers new supplies that are renewable, cost effective and located within the state."
ABOUT ENVIRONMENTAL POWER CORPORATION Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from animal wastes for its use to generate energy. For more information visit the Company's web site at http://www.environmentalpower.com.
ABOUT MICROGY, INC. Microgy holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology, which transforms manure and food industry waste into methane-rich biogas that can be used to generate electricity or thermal energy, or refined to pipeline-grade methane for sale as a commodity. This technology also represents a potentially profitable solution for the nation's estimated 1200 large animal feeding operations as they seek to comply with a growing number of proposed and adopted mandates developed by federal, state and local officials aimed at regulating the management of farm waste. Compliance with these mandates places potentially significant cost and operational burdens on America's farmers, which Microgy's technology can help to address.
ABOUT PACIFIC GAS AND ELECTRIC COMPANY Pacific Gas and Electric Company is one of the largest combined natural gas and electric utilities in the United States, with 5 million electric customer accounts and 4.1 million natural gas customer accounts. The company, a subsidiary of PG&E Corporation, serves approximately 15 million people throughout a 70,000-square-mile service area in northern and central California. PG&E operates 123,054 circuit miles of electric distribution lines and 18,610 circuit miles of interconnected transmission lines, 40,123 miles of natural gas distribution pipelines and 6,136 miles of transportation pipelines.
CAUTIONARY STATEMENT The Private Securities Litigation Reform Act of 1995, referred to as the PSLRA, provides a "safe harbor" for forward-looking statements. Certain statements contained in this press release, such as statements concerning planned projects, project commencement and completion dates, our sales pipeline, our backlog, our projected sales and financial performance, statements containing the words "may," "assumes," "forecasts," "positions," "predicts," "strategy," "will," "expects," "estimates," "anticipates," "believes," "projects," "intends," "plans," "budgets," "potential," "continue," "targets" and variations thereof, and other statements contained in this press release regarding matters that are not historical facts are forward-looking statements as such term is defined in the PSLRA. Because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: uncertainties involving development-stage companies, uncertainties regarding project financing, the lack of binding commitments and the need to negotiate and execute definitive agreements for the construction and financing of projects and for other matters, financing and cash flow requirements and uncertainties, difficulties involved in developing and executing a business plan, difficulties and uncertainties regarding acquisitions, technological uncertainties, including those relating to competing products and technologies, risks relating to managing and integrating acquired businesses, unpredictable developments, including plant outages and repair requirements, the difficulty of estimating construction, development, repair and maintenance costs and timeframes, the uncertainties involved in estimating insurance and implied warranty recoveries, if any, the inability to predict the course or outcome of any negotiations with parties involved with our projects, uncertainties relating to general economic and industry conditions, and the amount and rate of growth in expenses, uncertainties relating to government and regulatory policies, uncertainties relating to the availability of tax credits, deductions, rebates and similar incentives, the legal environment, intellectual property issues, the competitive environment in which Environmental Power Corporation and its subsidiaries operate and other factors, including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, well as in other filings we make with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
