Mirant In 10-Year Pact With PG&E To Sell Power From Calif. Plant
September 03 2009 - 5:56PM
Dow Jones News
Mirant Corp. (MIR) said Thursday it signed a 10-year contract
with PG&E Corp. (PCG) unit Pacific Gas & Electric Co. to
sell power from a natural gas-fired power plant under development
in northern California.
"We are very pleased to be adding new generating capacity in
California," said Edward R. Muller, Mirant's chairman and chief
executive.
PG&E spokeswoman Jennifer Zerwer confirmed that PG&E
signed the contract with Mirant, but declined to provide any
details pending an application associated with the contract that
the San Francisco utility plans to file with state regulators
"within the next couple of months."
Mirant said it plans to deliver all the output from its planned
760-megawatt Marsh Landing gas-fired power plant in Antioch,
Calif., to PG&E, as early as May 2013.
The company said it plans to start construction next year,
assuming it receives a required permit from the California Energy
Commission. Mirant's application to build the plant is still
pending at the CEC.
Shares of Mirant were trading 29 cents higher at $16.25 apiece
after-hours; PG&E shares closed 19 cents higher at $40.14 and
were unchanged after hours.
- By Cassandra Sweet, Dow Jones Newswires; 415-439-6468;
cassandra.sweet@dowjones.com
Order free Annual Report for PG&E Corporation
Visit http://djnewswires.ar.wilink.com/?link=PCG or call
1-888-301-0513