PG&E Buys Geothermal Power From Calpine Geysers Facility
October 30 2009 - 12:31PM
Dow Jones News
PG&E Corp.'s (PCG) utility unit said Friday it signed a
contract with Calpine Corp. (CPN) to buy 425 megawatts of
geothermal power from Calpine's Geysers facility in northern
California.
The new contract, subject to approval by state regulators, will
replace two existing contracts between Pacific Gas & Electric
Co. and Calpine for 375 megawatts of geothermal power from the
facility that expire in 2012 and 2014.
PG&E and other California utilities are required to use
renewable sources for a third of the power they sell by 2020 under
rules being developed as part of California's 2006 plan to combat
climate change. Existing rules require the state's utilities to use
renewables for a fifth of their retail power by the end next
year.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468;
cassandra.sweet@dowjones.com
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