LS Power Announces Green Power and Carbon Capture Initiative
NEW YORK (January 22, 2007) The LS Power Group ("LS Power"), a privately owned power industry developer, investor and manager, announced today an initiative, to be known as LSP Polaria ("Polaria"), to focus LS Power's activities related to the development of green energy sources and projects that will capture, offset or reduce carbon dioxide (CO2), methane and related emissions. Polaria will seek to identify and develop investment opportunities in infrastructure and technologies related to carbon capture, offset and storage, as well as select renewable and efficient energy projects.
"Advances in the cost-effective reduction, capture and storage of CO2 and related emissions from power generation and industrial sources will be an important component of efforts worldwide to reduce greenhouse gas emissions," stated Mike Segal, Chairman and Chief Executive Officer of LS Power.
"LS Power sees significant long-term potential in applying its business approach in power development to the carbon reduction market. As the regulatory environment and technologies for carbon reduction, capture and sequestration continue to evolve, LS Power believes this will present an exciting business opportunity. LS Power will use its development experience and power industry expertise to help move this emerging industry forward and thereby create greater investment opportunities for our investors and greater value in our development joint venture with Dynegy Inc. Ultimately, market and technology-based solutions to carbon and related emissions are more sustainable than costly taxes and significantly higher energy prices to consumers," Segal said.
James Pagano, an Executive Vice President of LS Power, will manage the Polaria initiative.
"When any early stage market is combined with still developing technologies, it will take time and patience to develop commercially viable projects," Pagano said. "LS Power has demonstrated its ability to be an early mover and to pursue its projects over several years to completion. Polaria will better coordinate and focus the carbon reduction and green power activities already underway within the LS Power Group."
LS Power Group was founded in 1990 and is a fully integrated investment, development and asset management group of companies focused on the power industry.
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