Energy Transfers LP (ET) Dual Drive Technology received the environmental excellence award from the GPA Midstream Association on Wednesday. The award was bestowed at the GPA Midstream convention.
The Dual Drive technology utilizes both a natural gas engine and an electric motor, allowing each unit to flip between natural gas and tapping the electrical grid. This makes it easier to actively manage greenhouse gas emissions and to avoid overtaxing the grid.
Upon receiving the award, David Coker, vice president of power solutions at Energy Transfer said, “We are so pleased to be recognized by our industry peers for the benefits of this technology, which can be significant in reducing Scope 1 CO2 emissions. Across our system of Dual Drives, we were able to reduce CO2 emissions by more than 630,000 tons in 2020 alone.” Dual Drive Technologies previously received the 2012 EPA award for Best Available Control Technology and a 2009 Innovative Technologies Award from the Texas Commission on Environmental Quality.
Like carbon capture, the dual drive technology will continue to be critical to ongoing efforts to pivot the industry towards renewable energy. While upstream oil is still wrestling with the viability of a green future and leaning on increasing oil demand and surging oil prices, the midstream sees ways to adapt and work towards decarbonization.
Energy Transfer LP owns and operates a diverse portfolio of energy assets in the US. Several midstream focused ETFs have Energy Transfer in their holdings. Most notably, the ETRACS Alerian MLP Infrastructure Index ETN (MLPB) has over 10% of its holdings allocated to Energy Transfer. The Alerian MLP ETF (AMPL) has just under 10%, while the Global X MLP ETF (MLPA) and the Alerian Energy Infrastructure ETF (ENFR) also have exposure to the award-winning company.
For more news, information, and strategy, visit the Energy Infrastructure Channel.