El Paso Electric Issues Request for Proposals to Meet Future Power Generation Needs
June 30 2017 - 1:25PM
Business Wire
Resource planning studies conducted by El Paso Electric (EPE)
(NYSE:EE) currently indicate that a total of approximately 370
megawatts (MW) of additional resources will be needed by the summer
of 2023 to meet increasing electricity demand by customers due to
regional growth and to replace older, less efficient generating
units. EPE’s studies currently indicate that approximately 50 MW of
capacity will be needed in 2022 and an additional capacity of 320
MW will be needed in 2023.
In order to select additional long-term, cost-effective and
reliable electric resources, EPE today issued an All-Sources
Request for Proposal (RFP) for supply-side and/or demand-side
resources. The selected proposal(s) and contract(s) are ultimately
subject to approval by the Public Utility Commission of Texas and
the New Mexico Public Regulation Commission.
“As we continue to see an increase in electricity demand by our
customers every year, resource planning is key to meeting the
future energy needs of our growing region,” said Mary Kipp,
President and Chief Executive Officer at EPE. “The integrated
resource planning and RFP process will help EPE to continue meeting
its obligation to serve its customers with reliable electric
service at the lowest reasonable cost and in a safe and
environmentally-friendly manner.”
The Notice of Intent to Bid is mandatory in order for proposals
to be accepted and must be submitted by August 4, 2017, at 5:00
p.m. MST. For full details and requirements, please visit
www.epelectric.com.
About El Paso Electric
El Paso Electric is a regional electric utility providing
generation, transmission and distribution service to approximately
411,000 retail and wholesale customers in a 10,000 square mile area
of the Rio Grande Valley in west Texas and southern New Mexico.
EPE’s common stock trades on the New York Stock Exchange under the
symbol EE.
Safe Harbor
This news release includes statements that are forward-looking
statements made pursuant to the safe harbor provisions of the
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding EE’s estimated future capacity requirements.
This information may involve risks and uncertainties that could
cause actual results to differ materially from such forward-looking
statements. Additional information concerning factors that could
cause actual results to differ materially from those expressed in
forward-looking statements is contained in EE's most recently filed
periodic reports and in other filings made by EE with the U.S.
Securities and Exchange Commission (the "SEC"), and include, but is
not limited to: (i) increased prices for fuel and purchased power
and the possibility that regulators may not permit EE to pass
through all such increased costs to customers or to recover
previously incurred fuel costs in rates; (ii) full and timely
recovery of capital investments and operating costs through rates
in Texas and New Mexico; (iii) uncertainties and instability in the
general economy and the resulting impact on EE's sales and
profitability; (iv) changes in customers' demand for electricity as
a result of energy efficiency initiatives and emerging competing
services and technologies, including distributed generation; (v)
unanticipated increased costs associated with scheduled and
unscheduled outages of generating plant; (vi) the size of our
construction program and our ability to complete construction on
budget and on time; (vii) potential delays in our construction
schedule due to legal challenges or other reasons; (viii) costs at
Palo Verde; (ix)deregulation and competition in the electric
utility industry; (x) possible increased costs of compliance with
environmental or other laws, regulations and policies;(xi) possible
income tax and interest payments as a result of audit adjustments
proposed by the IRS or state taxing authorities; (xii)
uncertainties and instability in the financial markets and the
resulting impact on EE's ability to access the capital and credit
markets; (xiii) possible physical or cyber attacks, intrusions or
other catastrophic events; and (xiv) other factors of which we are
currently unaware or deem immaterial. EE's filings are available
from the SEC or may be obtained through EE's website,
http://www.epelectric.com. Any such forward-looking statement is
qualified by reference to these risks and factors. EE cautions that
these risks and factors are not exclusive. Management cautions
against putting undue reliance on forward-looking statements or
projecting any future results based on such statements or present
or prior earnings levels. Forward-looking statements speak only as
of the date of this news release, and EE does not undertake to
update any forward-looking statement contained herein.
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version on businesswire.com: http://www.businesswire.com/news/home/20170630005584/en/
El Paso ElectricPublic Relations:Eddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
Relations:Lisa Budtke,
915-543-5947lisa.budtke@epelectric.comorRichard Gonzalez,
915-543-2236richard.gonzalez@epelectric.com
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