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

Luminant to Acquire Two Combined Cycle Power Plants in Texas from NextEra

LCG, November 30, 2015-Luminant and NextEra Energy Resources, LLC, announced Wednesday an agreement for Luminant to acquire two natural gas-fired power plants in Texas from NextEra. Luminant will purchase the Forney Energy Center and the Lamar Energy Center, both located in northeast Texas. The total generating capacity of the combined cycle facilities is 2,988 MW. The acquisition is expected to close next spring.

Luminant stated that the acquisition of these combined-cycle gas turbine power plants builds on an already diverse energy portfolio that includes coal, natural gas and nuclear power, as well as significant purchases of wind-generated electricity and a recently announced solar power purchase agreement. Luminant's Chief Executive Officer said, "These plants are strategic investments that enhance our asset portfolio while building on our existing operations in ERCOT."

NextEra Energy Resources' President and CEO stated, "This transaction enables us to further optimize our power generation assets and is consistent with our strategy of reducing our merchant exposure while recycling capital into our growing long-term contracted asset portfolio."

The Forney Energy Center is located in Forney, Texas and has an electric generating capacity of 1,912 MW. The facility includes two power generating blocks, each with three gas turbines and one steam turbine. The plant began commercial operations in 2003. The Lamar Energy Center is located in Paris, Texas and has a capacity of 1,076 MW, with a commercial operation date of 2000. The facility includes two power generating blocks, each with two gas turbines and one steam turbine. A NextEra Energy Resources' affiliate will continue to operate both facilities included for an initial period of up to one year.

According to the announcement, the agreement terms include a $1.313 billion purchase price, plus approximately $239 million for cash and approximately $37 million for net working capital, subject to customary adjustments based on the amounts of cash and net working capital at closing.
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