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Calpine Announces 400 MW of New Generation in ERCOT
May 01,2015 Calpine announced in reporting earnings that in April 2015, it executed an agreement with Guadalupe Valley Electric Cooperative (“GVEC”) that will facilitate the construction of a 418 MW natural gas-fired peaking power plant to be co-located with Calpine's Guadalupe Energy Center, which is located in ERCOT Under the terms of the agreement, construction of the Guadalupe Peaking Energy Center (“GPEC”) may commence at Calpine's discretion, so long as the power plant reaches commercial operation between the dates of June 1, 2017, and June 1, 2019. When the power plant begins commercial operation, GVEC will purchase a 50% ownership interest in GPEC. Once built, GPEC will feature two fast-ramping combustion turbines capable of responding to peaks in power demand. "This project represents a mutually beneficial response to our customer’s desire to have direct access to peaking generation resources, as it leverages the benefits of our existing site and development rights and our construction and operating expertise, as well as our customer’s ability to fund its investment at attractive rates, all while affording us the flexibility of timing the plant’s construction in response to market pricing signals," Calpine said.
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