Connecticut Department of Public Utility Control
Issues Revised Draft Decision Approving 27.3 Megawatts of Projects Using
FuelCell Energy Power Plants
Final
Decision Scheduled for April 1, 2009
DANBURY,
Conn., Mar 10, 2009 (GlobeNewswire via COMTEX News Network) -- FuelCell
Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of high efficiency,
ultra-clean power plants using renewable and other fuels for commercial,
industrial, government and utility customers, today announced that the
Connecticut Department of Public Utility Control (DPUC) issued a revised
draft decision approving 27.3 megawatts (MW) of projects incorporating the
company's highly efficient Direct FuelCell(r) (DFC(r)) power plants. The
final decision by the DPUC is scheduled for April 1, 2009. For FuelCell
Energy, the sales value of the projects is approximately $84 million if all
the projects are accepted.
In the
previous draft issued in January 2009, the DPUC approved a 3.4 MW DFC-ERG
power plant for a natural gas letdown station in Bloomfield, Conn., and a 3.2
MW Direct FuelCell/Turbine (DFC/T) for a substation in Danbury, Conn. In the
revised draft, the DPUC approved three additional projects: a 14.3 MW DFC3000
project in Bridgeport, Conn., a 3.2 MW DFC-ERG power plant in Trumbull,
Conn., and a 3.2 MW DFC-ERG in Glastonbury, Conn.
"These
projects incorporate a total of nine 2.8 MW DFC3000 power plants, including
four of our highest efficiency products - three DFC-ERG units and a DFC/T -
that achieve approximately 60 percent electrical efficiency," said R.
Daniel Brdar, Chairman and CEO of FuelCell Energy. "High efficiency
means low carbon dioxide emissions and because our fuel cells do not burn
fuel our customers will also benefit from near-zero emissions of NOX, SOX and
particulate matter."
The
Connecticut Clean Energy (CCEF) Fund recommended these five projects under
Round 3 of Project 150, which requires Connecticut utilities purchase Energy
Purchase Agreements for 150 MW of clean power by October 1, 2008. In its
latest draft decision, the DPUC stated, "...the language of the enabling
legislation regarding the October 1, 2008 timeline for procurement of 150 MW
directs the Department to accept the five projects recommended by CCEF."
The DPUC will have approved 153 MW of projects when the Round 3 decision
becomes final.
Distributed
generation fuel cells locate the power generation where it's needed, adding
24/7, baseload power to the existing transmission and distribution network.
Because the installations are smaller than typical central generation power
plants, they are easier to site, permit, and finance. Central generation
plants are larger, take significantly longer to permit and construct, and
have higher emissions. Additionally, they often require new, controversial
transmission and distribution lines to deliver the power to where it is
needed. DFC power plants can be deployed in approximately one year.
The
DFC-ERG and DFC/T power plants are approximately 60 percent electrically
efficient compared to similar sized fossil fuel power plants that achieve
only 30 to 40 percent efficiency. The absence of combustion virtually
eliminates pollutants like NOX, SOX and particulate matter, and DFC power
plants' higher efficiency means they deliver more ultra-clean power for each
unit of fuel used, substantially reducing power costs and CO2 emissions.
About
FuelCell Energy
FuelCell
Energy is the world leader in the development and production of stationary
fuel cells for commercial, industrial, municipal and utility customers.
FuelCell Energy's ultra-clean and high efficiency DFC(r) fuel cells are
generating power at over 50 locations worldwide. The company's power plants
have generated more than 275 million kWh of power using a variety of fuels
including renewable wastewater gas, biogas from beer and food processing, as
well as natural gas and other hydrocarbon fuels. FuelCell Energy has
partnerships with major power plant developers and power companies around the
world. The company also receives funding from the U.S. Department of Energy
and other government agencies for the development of leading edge
technologies such as fuel cells. For more information please visit our
website at www.fuelcellenergy.com
This
news release contains forward-looking statements, including statements
regarding the Company's plans and expectations regarding the continuing
development and commercialization of its fuel cell technology. All
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, general risks
associated with product development, manufacturing, changes in the utility
regulatory environment, potential volatility of energy prices, rapid
technological change, competition, and the Company's ability to achieve its
sales plans and cost reduction targets, as well as other risks set forth in
the Company's filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the date of this
press release. The Company expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any such statement to reflect
any change in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based.
Direct
FuelCell, DFC, DFC/T and FuelCell Energy, Inc. are all registered trademarks
of FuelCell Energy, Inc. DFC-ERG is a trademark jointly owned by Enbridge,
Inc. and FuelCell Energy, Inc.
This
news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE:
FuelCell Energy, Inc.
FuelCell Energy, Inc.
Lisa Lettieri
(203) 830-7494
ir@fce.com