Conduit Power to Develop 200 MW of Distributed Generation in ERCOT; Secures Diamondback Energy and Granite Ridge Resources as Financial Partners
Diamondback Energy, Inc. - Commmon Stock (FANG)
Last diamondback energy, inc. - commmon stock earnings: 2/18 04:01 pm
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Conduit Power, LLC ("Conduit") has entered into financial agreements with Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback") and Granite Ridge Resources (NYSE: GRNT) (“Granite Ridge”) related to Conduit’s development of 200 megawatts (“200 MWs”) of new natural gas power generation assets for the sale of energy and ancillary services to the Electric Reliability Council of Texas (“ERCOT”), Texas’s largest power grid operator.Under the agreements, Conduit will build, own and operate a total of 200 MWs of distributed power generation capacity to be strategically located across ERCOT’s Load Zone West in West Texas. The high concentration of intermittent renewable generation combined with increasing load growth is causing an imbalance in power supply and demand within Load Zone West. Conduit’s distribution scale power resources can be placed into service quickly and efficiently to increase grid reliability, help stabilize this imbalance, and generate a sig
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- Diamondback Energy (NASDAQ:FANG) had its "hold (c)" rating reaffirmed by analysts at <a style="font-weight:bold" href="https://weissratings.com/">Weiss Ratings</a>.MarketBeat
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