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National Fuel Gas Company NFG has announced its goals to reduce greenhouse gas (GHG) emissions 75% within 2030 and 90% by 2050 from the 1990 base figures for its utility segment National Fuel Gas Distribution Corporation. This outpaces the targets set under the Climate Act by the state of New York.
Also, for its New York utility business, the company declared a pathway to achieve such targets mentioned in New York’s Climate Leadership and Community Protection Act. Its emission- lowering pathway supports both environmental and economic sustainability, providing delivery system resiliency, integrity, reliability and offering options for more affordable carbon-reduction measures.
It includes four pillars and was developed utilizing the Guidehouse study projections of the most cost-effective approaches to decrease GHG emissions within New York by the year 2050.
National Fuel Gas’s Clean Energy Efforts
National Fuel Gas has invested $1.5 billion since 2010 in its midstream operation to expand and modernize its pipeline infrastructure for gaining access to Appalachian production. The company has more than $1 billion pipeline projects under development. It continued to replace and modernize the existing old pipelines in the fiscal 2016-2020 time period. National Fuel Gas replaced 761 miles of utility main pipelines in the said period and expects to change more over the long term.
To date, the upgrades of the utility segment’s pipeline network and other infrastructure investments have trimmed GHG emissions by more than 400,000 metric tons annually or 62% since 1990. Such efforts are expected to further drive GHG cuts.
To further slash emissions, it is evaluating hydrogen and other low-carbon solutions as well as hybrid-heating technology using a high-efficiency gas furnace in concert with an electric air-source heat pump. Also, the company started the Conservation Incentive Program in 2008, which helped more than 150,000 customers upgrade to higher-efficiency natural gas appliances curbing 1.3 million metric tons of carbon dioxide emissions.
Industrial processes are difficult to fully decarbonize but complete use of hydrogen systems might provide solutions. To this end, it is imperative to mention that National Fuel Gas is an anchor sponsor of the Low-Carbon Resources Initiative, a teamwork of the Electric Power Research Institute and Gas Technology Institute, to speed up the development and demonstration of low-carbon energy technologies.
Utilities’ Clean Energy Take
With increasing awareness to trim toxic emissions globally, utility companies are rapidly adopting clean energy sources to provide environmentally-friendly electricity to its end users. Over the past decade, natural gas proved to be an important contributor to decarbonize the U.S. economy.
Adhering to this eco-friendly policy, along with National Fuel Gas, UGI Corporation UGI, MDU Resources MDU and Chesapeake Utilities Corporation CPK are undertaking initiatives to lower toxic emissions and embark on a mission to produce clean, affordable and reliable energy.
Zacks Rank & Price Performance
Currently, the stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of the company have gained 10.7% in the past month, outperforming the industry’s rise of 8.8%.
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Chesapeake Utilities Corporation (CPK) : Free Stock Analysis Report
National Fuel Gas Company (NFG) : Free Stock Analysis Report
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