By Sabela Ojea
Shares of Babcock & Wilcox Enterprises edged higher after the company said it has been awarded a $246 million coal-to-natural gas conversion project at AES Indiana's Petersburg Generating Station.
The stock was up 4.4% to $1.89 on Thursday. Shares have surged 85% over the past three months, and are up 30% since the beginning of the year.
The energy technology and services provider said that its B&W Thermal business will sign and install the plant's new natural-gas system, air systems and other equipment.
Babcock & Wilcox Construction will perform the construction portion of the project.
The project is scheduled for completion in the first quarter of 2027.
"We continue to see significant interest from utilities in the U.S. and elsewhere that want to switch from coal to cleaner fuels, such as natural gas, to significantly reduce greenhouse gas emissions and the overall environmental impact of their generating assets," said Chris Riker, senior vice president at B&W Thermal.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 14, 2024 12:50 ET (17:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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