California Public Utilities Commission Approves NRG Energy’s Carlsbad Energy Center
May 21 2015 - 4:49PM
Business Wire
—Fast start plant to help ensure reliability
while integrating renewables—
Today, the California Public Utilities Commission (CPUC)
approved the SDG&E Power Purchase and Tolling Agreement for the
NRG Energy, Inc. (NYSE:NRG) Carlsbad Energy Center. The 500
megawatt five unit natural gas peaking plant expects to help ensure
reliability in southern California following the closure of the San
Onofre Nuclear Generating Station in 2013 and the impending
retirement of the Encina Generating Station due to California’s
Once-Through-Cooling ban.
“We appreciate the CPUC’s vote of confidence that the Carlsbad
Energy Center is the best approach to have the appropriate,
flexible capacity online by 2017 to enable California to reach its
greenhouse gas reduction goals through building additional
renewable generation while preserving the reliability of the grid,”
said John Chillemi, president of NRG Energy’s West region. “We
appreciate the CAISO’s recognition of the project’s contribution to
the grid and SDG&E’s continued support of the project and the
benefits it will bring to all of southern California. And we
appreciate the City of Carlsbad’s focus on the environmental
benefits of the project to build a smaller, more efficient plant
that complies with the State’s once-through-cooling policies, and
enables the demolition of Encina and development of the underlying
coastline property.”
The Carlsbad Energy Center is expected to come online in
conjunction with the retirement of the Encina station at the end of
2017. Once the new units are online, NRG expects to begin the
process of demolishing the retired Encina plant.
The Carlsbad Energy Center is being developed by NRG and is part
of the Right of First Offer Agreement between NRG and NRG
Yield.
About NRG
NRG is leading customer-driven change in the U.S. energy
industry by delivering cleaner and smarter energy choices, while
building on the strength of the nation’s largest and most diverse
competitive power portfolio. A Fortune 250 company, we create value
through reliable and efficient conventional generation while
driving innovation in solar and renewable power, electric vehicle
ecosystems, carbon capture technology and customer-centric energy
solutions. Our retail electricity providers serve almost 3 million
residential and commercial customers throughout the country. More
information is available at www.nrg.com. Connect with NRG
Energy on Facebook and follow us on Twitter @nrgenergy
and @NRGMedia.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions and include NRG’s expectations regarding the Carlsbad
Energy Center project and forward-looking statements typically can
be identified by the use of words such as “will,” “expect,”
“believe,” and similar terms. Although NRG believes that its
expectations are reasonable, it can give no assurance that these
expectations will prove to have been correct, and actual results
may vary materially. Factors that could cause actual results to
differ materially from those contemplated above include, among
others, general economic conditions, hazards customary in the power
industry, competition in wholesale power markets, the volatility of
energy and fuel prices, failure of customers to perform under
contracts, changes in the wholesale power markets, changes in
government regulation of markets and of environmental emissions,
and our ability to achieve the expected benefits and timing of
Carlsbad Energy Center. NRG undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The foregoing review of
factors that could cause NRG’s actual results to differ materially
from those contemplated in the forward-looking statements included
in this news release should be considered in connection with
information regarding risks and uncertainties that may affect NRG’s
future results included in NRG’s filings with the Securities
and Exchange Commission at www.sec.gov.
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NRG Energy, Inc.Media:David
Knox, 832-357-5730orInvestors:Matthew Orendorff,
609-524-4526orLindsey Puchyr, 609-524-4527
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