/PRNewswire/ -- Oglethorpe Power Corporation today completed the purchase of two natural gas-fired, combined cycle generating units in Murray County, Ga. with the acquisition of KGen Murray I and II, LLC, a wholly owned subsidiary of KGen Power Corporation. The purchase price was approximately $529 million, including working capital and other closing adjustments.
The two Murray units represent an aggregate summer planning reserve generating capacity of about 1,220 megawatts (MW). This brings Oglethorpe Power's total owned generating capacity to approximately 7,048 MW.
The Murray acquisition also includes an existing power purchase and sale agreement with Georgia Power Company for the entire output of Murray I through May 31, 2012. Initially, both units are planned to be operated independently of the other generating facilities owned and operated by Oglethorpe Power but will be integrated into the system as needed.
Oglethorpe Power first disclosed that it was negotiating to purchase some then-unnamed natural gas facilities in October 2010 and followed in January 2011 with an announcement that it had signed a purchase and sale agreement for the Murray units, subject to applicable regulatory approvals and approval by KGen stockholders.
"We couldn't be more pleased with today's acquisition," said Elizabeth B. Higgins, executive vice president and chief financial officer. "This purchase gives Oglethorpe Power and our Member Systems a significant block of generating capacity at a very reasonable cost without the added time and additional expense of constructing a new facility."
In purchasing the Murray units, Oglethorpe Power has now officially canceled construction of a planned 605-megawatt, combined cycle generating plant that was in the siting stage.
Ms. Higgins said Oglethorpe Power expects long-term financing for the Murray units to come primarily from loans guaranteed by the Rural Utilities Service (RUS). Taxable bonds would make up the difference for any amount not funded through the RUS loan program.
Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with more than $7 billion in assets serving 39 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgians.
A proponent of conscientious energy development and use, OPC balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 7,048 MW, as well as purchased power.
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Showing posts with label purchase. Show all posts
Showing posts with label purchase. Show all posts
Friday, April 8, 2011
Wednesday, October 6, 2010
Georgia Power to Expand Solar Energy Capacity
/PRNewswire/ -- Georgia Power today (October 5) received approval from the Georgia Public Service Commission (PSC) for a new tariff that will nearly double the amount of solar energy the company purchases to supply its Green Energy Program.
The Solar Purchase Tariff will allow Georgia Power to purchase an additional 1.5 megawatts (MW) of solar capacity from customers at 17 cents per kilowatt-hour (kWh) for generating facilities designed to produce less than 100 kilowatts. Customers who sell solar under the new tariff must agree to share all cost and operational information with Georgia Power so that the company can gain experience in solar electricity generation.
The company will also issue a request for proposals (RFP) for an additional 1 MW of solar capacity with no project size restriction. Georgia Power will consider solar proposals in this RFP with a price of 15 cents per kWh or less.
Georgia Power will use this solar energy to supply the Premium Green Energy product. Customers can purchase 100-kilowatt-hour blocks of Premium Green Energy with a 50 percent solar component for $5 per block or Standard Green Energy, generated from biomass sources, for $3.50 per block.
Since Georgia Power began the Green Energy program in October 2006, nearly 4,200 customers have committed to purchase approximately 3.8 million kilowatt-hours of green energy, or enough electricity to power approximately 3,800 homes using 1,000 kilowatt-hours a month.
"Since we began offering customers a 50 percent solar option, we've added almost 1,000 new blocks of the Premium Green Energy product to the program," said Angela Strickland, director of Energy Efficiency. "By increasing our solar capacity in the program to 5.4 MW, we hope to keep pace with the significant growth of solar purchases by our customers both now and in the future."
Georgia Power will continue to offer its Renewable-Non Renewable Resources (RNR) tariff to customers who use their solar facilities to either offset their electricity bill or who sell the power back to Georgia Power at the company's solar avoided cost.
Georgia Power's Solar Purchase Tariff and revised RNR tariff will go into effect Jan. 1, 2011.
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The Solar Purchase Tariff will allow Georgia Power to purchase an additional 1.5 megawatts (MW) of solar capacity from customers at 17 cents per kilowatt-hour (kWh) for generating facilities designed to produce less than 100 kilowatts. Customers who sell solar under the new tariff must agree to share all cost and operational information with Georgia Power so that the company can gain experience in solar electricity generation.
The company will also issue a request for proposals (RFP) for an additional 1 MW of solar capacity with no project size restriction. Georgia Power will consider solar proposals in this RFP with a price of 15 cents per kWh or less.
Georgia Power will use this solar energy to supply the Premium Green Energy product. Customers can purchase 100-kilowatt-hour blocks of Premium Green Energy with a 50 percent solar component for $5 per block or Standard Green Energy, generated from biomass sources, for $3.50 per block.
Since Georgia Power began the Green Energy program in October 2006, nearly 4,200 customers have committed to purchase approximately 3.8 million kilowatt-hours of green energy, or enough electricity to power approximately 3,800 homes using 1,000 kilowatt-hours a month.
"Since we began offering customers a 50 percent solar option, we've added almost 1,000 new blocks of the Premium Green Energy product to the program," said Angela Strickland, director of Energy Efficiency. "By increasing our solar capacity in the program to 5.4 MW, we hope to keep pace with the significant growth of solar purchases by our customers both now and in the future."
Georgia Power will continue to offer its Renewable-Non Renewable Resources (RNR) tariff to customers who use their solar facilities to either offset their electricity bill or who sell the power back to Georgia Power at the company's solar avoided cost.
Georgia Power's Solar Purchase Tariff and revised RNR tariff will go into effect Jan. 1, 2011.
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Wednesday, October 14, 2009
Oglethorpe Power Closes Purchase of Hartwell Electric Generating Plant
/PRNewswire/ -- Oglethorpe Power Corporation has closed on its purchase of the Hartwell electric generating plant from International Power and its partner. The purchase price for the northeast Georgia facility was $148.5 million, which includes approximately $53.5 million of existing project level debt that Oglethorpe Power paid off at closing.
Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Friday, May 1, 2009
Oglethorpe Power Closes Purchase of Heard County Power Generation Facility
Oglethorpe Power Corporation has closed on its purchase from Dynegy Inc., of that company's Heard County Power Generation Facility and associated power purchase contract. The total cost was $105 million. Oglethorpe Power and Dynegy had announced a deal for the purchase on February 25, 2009.
The natural gas-fired plant is an approximately 500-megawatt peaking facility, located in Heard County, Georgia. Since 2003, several of Oglethorpe Power's member cooperatives have received the output of the facility through a power purchase contract that terminates in 2015. After the contract expires, the facility will be available to help meet the needs of most of Oglethorpe Power's member cooperatives.
"We look forward to adding the Heard County plant to our power generation portfolio to serve the existing contract and for expanded use at the end of the contract period," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation.
Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with approximately $5 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgia citizens. A proponent of conscientious energy development and use, Oglethorpe Power balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 4,700 megawatts (MW), as well as purchased power. Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. It is headquartered in Tucker, Georgia.
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The natural gas-fired plant is an approximately 500-megawatt peaking facility, located in Heard County, Georgia. Since 2003, several of Oglethorpe Power's member cooperatives have received the output of the facility through a power purchase contract that terminates in 2015. After the contract expires, the facility will be available to help meet the needs of most of Oglethorpe Power's member cooperatives.
"We look forward to adding the Heard County plant to our power generation portfolio to serve the existing contract and for expanded use at the end of the contract period," said Elizabeth B. Higgins, Executive Vice President and Chief Financial Officer of Oglethorpe Power Corporation.
Oglethorpe Power Corporation (OPC) is the nation's largest power supply cooperative with approximately $5 billion in assets serving 38 Electric Membership Corporations which, collectively, provide electricity to 4.1 million Georgia citizens. A proponent of conscientious energy development and use, Oglethorpe Power balances reliable and affordable energy with environmental responsibility and has an outstanding record of regulatory compliance. Its diverse energy portfolio includes natural gas, hydroelectric, coal and nuclear generating plants with a combined capacity of approximately 4,700 megawatts (MW), as well as purchased power. Oglethorpe Power was established in 1974 and is owned by its 38 Member Systems. It is headquartered in Tucker, Georgia.
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