DALLAS and HOUSTON, March 26, 2020 (GLOBE NEWSWIRE) -- Independent Energy Standards Corporation (IES) announced today the expansion of the TrustWell™ Responsible Gas offering to include specific independently verified performance metrics called “TrustWell Verified Attributes,” the first of these is Low-Methane. Jonah Energy, a leading, independent producer in the Rockies region, is the first to complete the Low-Methane Verified Attribute program.
“TrustWell ratings provide an overarching evaluation of responsible operations, but we believe that in many cases the market also cares about specific performance metrics as well, such as methane emissions,” said Jory Caulkins, IES’ CEO. “With this addition, buyers can have a quantified, independently verified understanding of how the gas they are purchasing differs from commodity natural gas from an emissions perspective. As importantly, they can take that quantification and use it to measure progress versus their specific responsibility and climate goals.”
“As the first utility in the nation to purchase TrustWell-certified gas, New Jersey Natural Gas has been a leader in procuring and delivering responsible energy for our customers,” said Jayana Shah, Managing Director of Gas Supply for New Jersey Natural Gas. “The addition of the Low-Methane Verified Attribute to the TrustWell Certification provides another tool for suppliers to independently verify their methane reduction efforts and advance shared sustainability goals.”
The TrustWell Low-Methane Verified Attribute requires both qualitative and quantitative verification. To qualify, a producer’s emissions program must meet certain criteria established by IES. Once qualified, IES then verifies quantification of methane through quantification protocols vetted and approved by IES, such as those established by ONE Future and the Oil & Gas Climate Initiative through US EPA’s Greenhouse Gas Reporting Protocol. The output is a TrustWell Low-Methane Verified Attribute associated with the produced gas, as well as a specific methane intensity number (leak rate as a percentage of overall production) and producer reduction factor (reduction in methane footprint of the gas versus an industry benchmark). IES has publicly shared the detailed program specifications here and plans to do the same for all other TrustWell Verified Attributes. Over time and as technology advances allow, IES plans to continuously improve the low-methane program via inclusion of things like enhanced measurement and continuous monitoring.
“Methane reduction is critical for responsible natural gas, and we are excited to see ONE Future’s good work continuing to be assimilated into the market for responsible energy,” said Richard Hyde, Executive Director of ONE Future.
Jonah Energy, operating on 52,000 net acres in Sublette County, Wyoming, achieved a TrustWell Gold overall rating as well as the Low-Methane Verified Attribute. Jonah’s methane intensity was verified as 0.200%, which means that versus the industry average each MMBtu of gas produced and purchased from Jonah emits 0.00007783 less metric tons of CH4 (e.g. their “producer reduction factor”).
“We are proud of this recognition by IES and see it as another confirmation of our commitment to responsible production of natural gas,” said Jonah Energy, President and CEO, Tom Hart.
Three producers are currently completing the Low-Methane program, and IES expects there to be others. In addition to the Low-Methane verified attribute, IES also plans to roll-out Freshwater Friendly, Safe Operator, and Chemical Steward attributes.
As market interest continues to accelerate, IES remains focused on continuous improvement of its offerings. This will include further investigating enhanced methane measurement and continuous monitoring, build-out of additional Verified Attributes, and exploring other offerings which help support the integrity and growth of the market to increasingly responsible energy production and procurement.
About Independent Energy Standards Corp (IES)
IES is the market-leading provider of responsibility verifications and analytics for the oil & gas industry. The company combines deep technical expertise with market mechanisms to economically reward responsible actors. To learn more, visit www.ies.co or contact the company below.
Contact: Cortney Piper, info@ies.co
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