NRG, PSEG Announce New Generation Clears ISO-NE Capacity Auction
NRG Energy, Inc. to announced its Canal 3 development project, a 333 MW gas turbine peaker located on Cape Cod, cleared the ISO-New England tenth forward capacity auction at a price of $7.03/Kw-month.
Canal 3 is scheduled to go online in 2019. The unit will leverage existing infrastructure at the NRG Canal Station in Sandwich, Massachusetts. NRG and its affiliates also cleared the rest of its existing New England fleet at the same $7.03/Kw-mo (about $230.50/MW-day) clearing price for the delivery period June 2019-May 2020.
For the new Canal unit, NRG elected to receive the auction clearing price for seven capacity commitment periods, which means that the new unit will receive the FCA10 clearing price for seven years, with years 2-7 adjusted for inflation.
In addition to the Canal 3 project, NRG is permitting and building a 1.5 MW community solar project, also on the existing footprint of the Canal Station.
Separately, PSEG Power Connecticut announced that it has cleared 485 MWs of Installed Summer Capacity from a new gas-fired combined-cycle power plant to be located in Bridgeport, CT. PSEG Power Connecticut expects to begin construction of the natural gas-fired plant in 2017.