ProPetro's PROPWR signs contracts to supply 230 MW to Targa
ProPetro's PROPWR signs contracts to supply 230 MW to Targa Sept 22 (Reuters) - ProPetro Holding PUMP.N said on Tuesday its power generation unit PROPWR had signed long-term contracts with a Targa Resources TRGP.N subsidiary to provide about 230 megawatts of power for Targa's Permian Basin natural gas processing infrastructure.
Growing demand for US natural gas from LNG exports, data centers and AI infrastructure is driving investment in energy infrastructure, with behind-the-meter power systems generating electricity directly at customer facilities rather than relying on the transmission grid.
Here are more details:
These contracts will provide behind-the-meter power generation capacity, with full deployment expected in early 2028.
The agreements lift PROPWR's total contracted capacity to about 510 MW, after accounting for previously announced oil-and-gas power capacity that is no longer under contract.
The 230 MW will support Targa's continued investment in Permian Basin natural gas-processing infrastructure.
The oilfield services firm said the recontracting will allow it to redeploy capacity to Targa and make additional capacity available for potential data-center deployments from 2027.
(Reporting by Sumit Saha in Bengaluru; Editing by Diti Pujara)
((Sumit.Saha@thomsonreuters.com;))
Recent news on Targa Resources
See all newsProPetro's PROPWR signs contracts to supply 230 MW to Targa
Brief: Propwr Signs New Power Contracts To Commit Approximately 230 MW To Targa Resources Corp.
U.S. STOCKS ON THE MOVE-Dynatrace, Cava Group, Halozyme Therapeutics
U.S. STOCKS ON THE MOVE-Halozyme Therapeutics, Etsy, Netflix
U.S. STOCKS ON THE MOVE-CoreWeave, StubHub, Ultragenyx