cogeneration

Cogeneration is the simultaneous production of electricity and useful heat or steam. By capturing the by-product heat that would otherwise be lost when power is generated, we are able to make steam or use the heat directly within our manufacturing and production facilities. The latest turbine technology allows cogeneration to be approximately twice as efficient as traditional methods of separate steam and power production.

As an industry leader in the use of cogeneration applications, we have interests in about 100 cogeneration facilities in more than 30 locations worldwide. We have invested more than $1 billion into cogeneration projects since 2004, bringing the combined power generation capacity at facilities in which we have an interest to more than 4.5 gigawatts in 2007. With new facilities under construction around the world, we expect to increase this capacity to more than 5 gigawatts in the next three years. Our cogeneration project in Antwerp, Belgium—on schedule to start up in 2008—will integrate recovered heat into the refinery process, which is unique in the industry for a large-scale project.