The Daily 750









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LNG: AES Stands for Power

Tuesday, October 18, 2005

A couple weeks ago while cutting back the rosemary shrub that's taking over the northwest bank of the garden, neighbor and port commissioner Don McDaniel walked by. I hardly recognized him in his attractive new beard. We debated the merits of LNG for a while and when I brought up Calpine's lousy financial status, Don said he didn't expect Calpine would actually run the facility because, among other things, it's not really their business. Rather, Calpine would build it and then sell it to a much larger energy corporation. I ran this by an economist friend who's been doing some detailed research on Calpine in particular and LNG in general, and she suspects the larger corporation would be AES, a 20-year-old global company with headquarters in Arlington, Virginia. Haven't taken the time to do more than read that its motto is: "AES stands for power." Yikes.