As renewable energy continues displacing fossil fuels for electric generation, transportation, and industrial applications, the requirement for more system flexibility to accommodate these intermittent power resources has grown. Recognizing this transformation, Magnum Development, LLC more than a decade ago began development of a vast underground salt formation near Delta, Utah, capable of storing excess renewable energy to be drawn on to meet future energy requirements. Magnum continues to develop this unique, centrally located resource to facilitate the West’s transition to this new energy future.
Clean, Reliable Energy Empowering the West
Magnum Development, LLC has defined the salt formation’s extent and characteristics, and has secured key assets (land, minerals, water, etc.) that can be used in the development of multiple projects. Resources committed to date have significantly de-risked both site development and the creation of salt storage caverns—thus expediting and de-risking future business development. Magnum and its joint development partners continue to own, control, and develop this site—the Western Energy Hub—the only known “Gulf Coast” style domal-quality salt formation in the Western United States.
- Site viability was proven with the development, commercialization, and sale in 2014 of Magnum NGLs, LLC to Sawtooth Caverns, which operates natural gas liquid storage at the site.
- In 2019, Magnum entered into a joint venture with Mitsubishi Power Americas—ACES Delta (see ACES-Delta.com)—to develop the world’s largest green hydrogen production and storage facility. This project will store utility-scale hydrogen produced from renewable energy in the on-site salt dome caverns that can be drawn upon to supply clean energy when wind and solar resources cannot meet market demand.
Magnum Development continues to focus on developing portfolio companies to manage and operate infrastructure at the Western Energy Hub to support regional energy and economic development.
Management Team Bios
Craig Broussard is a founder, and currently serves as the President and Chief Executive Officer, of Magnum Development, LLC. He also serves as Chairman, President, and Chief Executive Officer of the Mitsubishi Power Systems/Magnum Development joint venture ACES Delta. His extensive energy experience includes serving in a variety of executive positions in public and private industry both domestically and internationally. He also serves on the boards of Sawtooth Caverns, LLC and the Utah Foundation.
Robert Webster is a founder and Chief Strategy Officer of Magnum Development, LLC and ACES Delta. A geologist, business executive, and entrepreneur, he co-founded and held the Office of the President for PacifiCorp Energy, which operates generation facilities throughout the Western United States. He holds a BS in Geology and Environmental Studies and an MS in Geology from Kansas State University, as well as an MBA from Westminster College.
John Alvarado is Chief Financial Officer and Chief Operating Officer of Magnum Development, LLC and ACES Delta. He holds experience across all traditional energy sectors both domestic and internationally—having started his 40-year finance career with Shell Oil and Chemical Company in the downstream sector in Houston followed by experience as an International Internal Auditor with Occidental Petroleum Inc. in the upstream sector. John’s 20-year stint in New York City included providing debt and equity finance to the energy sector and experience as an energy investment banker. He holds a BBA in Finance from New Mexico State University and an MBA from Fordham University.
Mike Etringer is Chief Commercial Officer of Magnum Development, LLC. He is an accomplished energy professional with 25+ years’ commercial expertise leading the origination, structuring, trading, and negotiation of high-value power and natural gas contracts across the Western United States. Mike has an in-depth knowledge of power and gas markets, power purchase agreements, conventional and renewable generation, energy transmission systems, tariffs, regulatory regimes, and commodity hedge structures. During his career, he has led commercial activities for Sunpin Solar, NextEra Energy, Enron Capital & Trade, and Phillips Petroleum. He holds a BS degree in Chemical Engineering from the University of Iowa and an MBA in Finance from the University of Houston Bauer School of Business.
Michelle Judd is Executive Director of Magnum Development, LLC. Working in diverse executive support roles across a number of industries, her duties have included everything from individual C-level support, such as travel preparation and compiling of business expenses, to HR functions, including payroll and policy adherence, to the management of large contracts. Michelle is known for her out-of-the-box thinking, discretion, impeccable organizational abilities, multitasking, and her positive can-do attitude.