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The Williams Companies, Inc. WMB recently inked a memorandum of understanding (MOU) with Danish multinational power company Ørsted to collaborate on Power-to-X projects in the United States.
Per the MOU, the two firms will work together to co-develop hydrogen or synthetic natural gas facilities, driven by renewable energy. This alliance will combine Ørsted’s renewables and hydrogen knowledge with Williams’ natural gas infrastructure and processing capabilities.
In western Wyoming, Williams controls considerable acreage and natural gas infrastructure. There, the parties are on the lookout of a large-scale wind energy, electrolysis and synthetic gas-via-methanation co-development prospect.
Williams’ energy infrastructure network is flexible enough to accommodate future renewable energy storage and transportation. The company’s countrywide network and best-in-class infrastructural skills are well-positioned to help advance the future of hydrogen by connecting low-cost renewable hydrogen and other e-fuel production sites to rising demand centres.
The company can utilise its assets and abilities to build solutions to enhance the sustainable energy economy via technological innovation and partnership with forward-thinking firms like Ørsted.
Last year, this currently Zacks Rank #4 (Sell) energy player had announced its strategy for a sustainable environment wherein it is targeting a 56% reduction in greenhouse gas emissions by 2030 from the 2005 baseline. This, in turn, will enable it to inch closer to the net-zero greenhouse gas emission goal by 2050. Further, Williams’ climate-commitment approach will be backed by this recently signed MoU. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company’s sustainable environment plan is aimed at addressing climate-change issues and creating a clean-energy economy with low-carbon footprint. To meet this objective, the U.S. natural gas processing and transmission firm is prepping for common sense methane-emission reduction by spotting leakages and renovating equipment as well as assessing improvements in the same on a site-specific basis. Most importantly, the company is expanding its renewable energy storage. Its near-term efforts will also include exploration of renewable energy opportunities, comprising renewable natural gas (RNG) and solar energy.
The global energy landscape has changed over the years with its chief focus on environmental protection. As a result, conventional energy is steadily declining while renewable energy is fast expanding. In this context, the majority of oil and gas firms, such as Shell (RDS.A), BP plc BP, Equinor ASA EQNR and others are also in the early phases of energy transition to low-carbon emissions.
Founded in 1908, Oklahoma-based Williams is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing and transporting natural gas and natural gas liquids. Equipped with a widespread pipeline system, which covers more than 33,000 miles, it is one of the largest domestic transporters of natural gas by volume.
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