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News
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LCG, January 24, 2020--Daybreak Power Inc. recently announced that the Federal Energy Regulatory Commission (FERC) has accepted the company's application for a preliminary permit for its proposed 2,200-MW Navajo Energy Storage Station (NESS). Achieving this milestone is an important, early step towards approving the project, which is estimated to cost $3.6 billion. The pumped storage hydro system would be located at the U.S. Bureau of Reclamation's (Reclamation) Lake Powell Reservoir on the Colorado River in Arizona.
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LCG, December 27, 2019--The Nuclear Regulatory Commission (NRC) announced on December 17 that the Commission has authorized the issuance of an Early Site Permit (ESP) for Tennessee Valley Authority's (TVA's) Clinch River site near Oak Ridge, Tennessee. The ESP closes several site-related issues, including many environmental impacts, for small modular reactors (SMRs) at the site. The ESP is the first issued by the NRC for SMRs and will be valid for up to 20 years from date of issuance.
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Industry News
Emera to Sell Three Combined-Cycle Power Plants in New England
LCG, November 29, 2018 --Emera Inc., headquartered in Halifax, Nova Scotia, announced this week that it has agreed to sell three natural gas-fired electric generating facilities that it owns in New England to the investment firm Carlyle Group for $590 million. The combined electric generating capacity of the three facilities is approximately 1,100 MW. The acquisition is expected to close in first quarter 2019.
The transaction includes three combined-cycle power plants: the Bridgeport Energy facility (560 MW) in Bridgeport, Connecticut; the Tiverton Power facility (283 MW) in Tiverton, Rhode Island; and the Rumford Power facility (265 MW) in Rumford, Maine. Emera previously acquired the facilities in 2013.
The President and CEO of Emera stated, "This transaction, part of the three-year funding plan we introduced during our third quarter earnings results, increases Emera's financing flexibility to capitalize on our regulated growth opportunities today and in the future. Our New England facilities delivered solid financial results during the five years of our ownership, and distinguished themselves with industry leading safety and operational performance. I want to thank our dedicated teams whose expertise and commitment produced those achievements. The Carlyle Group is highly regarded in the industry and well positioned to lead these facilities to continued success."
The Carlyle Group Managing Director and Head of Carlyle Power Partners stated, "Through this acquisition, Carlyle Power Partners will increase its generation capacity in the attractive New England market, making us one of the largest owners of power generation facilities in the region. We look forward to leveraging our existing market knowledge to create additional value for Bridgeport Energy, Tiverton Power and Rumford Power, building on their already strong track records of operational excellence."
Cogentrix, The Carlyle Group's management platform in the power generation space, will assume asset management, operations and maintenance and energy management responsibilities for the portfolio. Cogentrix currently manages Carlyle Power Partners' fleet of power plants in the Northeast, which totals approximately 1,400 MW.
The transaction is subject to the regulatory approvals of the U.S. Federal Energy Regulatory Commission (FERC) and under the provisions of the Hart-Scott-Rodino Antitrust Act.
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