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News
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LCG, September 22, 2017--Duke Energy announced yesterday plans to invest $30 million in two new lithium-ion battery energy storage systems in North Carolina that are expected to be online in 2019. The two sites identified are the first of a larger company plan to deploy energy storage for the region, and further details regarding the two projects will be filed with the North Carolina Utilities Commission in early 2018.
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LCG, September 21, 2017--General Motors announced Tuesday long-term power purchase agreements (PPAs) for renewable energy from two wind farms with a combined electric generating capacity of 200 MW. The two new PPAs will allow for all of GM's Ohio and Indiana manufacturing facilities to meet their electricity needs with 100 percent renewable energy by the end of 2018. Last September, GM announced last September plans to generate or source all electrical power for its 350 operations in 59 countries with 100 percent renewable energy by 2050.
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Industry News
Dynegy Announces New Agreements to Sell Three Generating Assets
LCG, July 14, 2017--Dynegy Inc. (Dynegy) announced Tuesday that it has reached agreement to sell three of its generating plants for approximately $300 million.
Dynegy reached an agreement to sell its Lee Energy Facility, a 625 MW gas-fired peaking plant located in Illinois and operating in the PJM ComEd region to an affiliate of Rockland Capital. Dynegy will receive $180 million in cash and avoid the incremental capital investment necessary to convert the plant to dual fuel status in order to meet PJM capacity performance obligations.
Dynegy also signed a purchase and sales agreement with Starwood Energy Group Global for two assets totaling $119 million. The two intermediate gas-fired plants are located in Dighton and Milford, Massachusetts and operate in ISO-NE. The two plants have a combined electric generating capacity of 310 MW. The 171-MW Milford plant was one of the generating assets acquired from ENGIE?s United States portfolio in February of this year.
The agreement fulfills the mitigation plan approved by the Federal Energy Regulatory Commission (FERC) regarding Dynegy?s purchase of ENGIE?s US-based asset portfolio. In its December 22, 2016 order, FERC found competitive concerns with respect to the capacity markets in the ComEd Locational Delivery Area (LDA) in PJM and the Southeastern New England (SENE) capacity zone in ISO-NE. Dynegy submitted a mitigation plan to address FERC?s concerns that called for an agreement to sell capacity in SENE within six months of closing.
On Monday, Dynegy announced that it had finalized the sale of two other generating facilities to LS Power for $480 million in cash. Combined with the new transactions, a total of approximately $780 million in aggregate sales proceeds will be used by Dynegy primarily for debt reduction.
The assets sold to LS Power are the Armstrong and Troy Energy Facilities, located in Pennsylvania and Ohio respectively. These facilities operate in PJM and are dual-fueled peaking units. These two facilities were also acquired as part of the ENGIE portfolio acquisition.
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