CEO: Natural gas is Pennsylvania's biggest economic driver since coal
and steel
BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) Chairman and CEO Nicholas DeBenedictis
announced today that the company is going to transition portions of its
larger vehicle fleet to compressed natural gas (CNG). The comment was
made today before the Pennsylvania Public Utility Commission's
Alternative Fuel Vehicles forum held at Drexel University in
Philadelphia.
"As both a former DEP and Economic Development Secretary for the
Commonwealth, I believe that the natural gas industry in Pennsylvania
will become the biggest economic driver in the state since days of coal
and steel. Pennsylvania has always been an energy-rich state with
natural gas being its latest form," said Aqua America Chairman and CEO
Nicholas DeBenedictis. "CNG makes sense economically because of it is
less expensive than fossil fuels and environmentally because it is a
clean-burning fuel and thereby reduces carbon emissions."
Aqua Pennsylvania, Inc., the company's largest subsidiary, has been
piloting CNG vehicles for more than a year and has already planned for a
slow-fill station at its Springfield Operations Center in Delaware
County. Slow-fill stations fuel vehicles over a longer time period,
which the company can accommodate because many vehicles are housed at
the facility overnight and have longer periods of inactivity during
which they can be refueled.
"I also see this as an opportunity to create demand for this clean
burning fuel, which is currently priced right because of the current
surplus," said DeBenedictis. "The relatively small, required up-front
investment has a quick payback, which accrues to benefit ratepayers
through reduced expenses. With anticipated cost of about $2 per gallon,
it can be nearly half the cost of fossil fuel with gasoline currently
priced at about $3.65 per gallon and diesel fuel being about $4 per
gallon. Further, the operating costs are 30-to-50 percent less
expensive."
Aqua Pennsylvania plans to begin the transition with its 20 dump trucks
and 60 vans initially, as there are not many passenger vehicle
opportunities available currently. However, as it begins to turn over
its vehicles, those that have original equipment manufacturer (OEM) CNG
alternatives, will be transitioned to CNG vehicles.
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million residents in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana, Florida, Virginia,
and Georgia. Aqua America is listed on the New York Stock Exchange under
the ticker symbol WTR.
WTRG
Aqua America, Inc.
Bill Tyson
Director, Corporate & Public
Affairs
610-520-6308
wjtyson@aquaamerica.com
or
Donna
Alston
Director, Communications
610-645-1095
dpalston@aquaamerica.com
Source: Aqua America, Inc.
News Provided by Acquire Media
