Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

California Power Prices Golden for Reliant

LCG, Oct. 25, 2000--Reliant Energy Inc., the Houston-based electric utility active in the national merchant power movement, said this morning that power plants it acquired from Southern California Edison Co. made a major contribution to its record earnings.

Reliant said its third-quarter net income rose to $389 million, or $1.34 per share, from an adjusted $283 million, or $0.99 per share, from the same period last year.

Contributing to that 37 percent increase in profits was a sevenfold increase in operating income from its wholesale energy business, which consists of its merchant power plants and its electricity trading and marketing operations.

"Our strong commercial management of generating assets and commercial gas and power positions in attractive regions of the U.S. has allowed us to break out of the traditional role of a local energy provider. As markets evolve, we will continue to build business positions that capitalize on thesestrengths," said Steve Letbetter, chairman, president and chief executive.

The company said it enjoyed "higher energy sales and energy prices due to unique seasonal dynamics in the Western markets."

That Western market was California, where Reliant has 3,800 megawatts of generating capacity purchased from SoCal Ed when the Golden State's electric restructuring law encouraged state utilities to divest their power plants. That generation amounted to more than 8 percent of the state's peak demand on its hottest day this summer.

The Golden State proved golden for Reliant Energy in the third quarter.

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