Nevada Power gets approval to buy gas plants
Date
November 07, 2014
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Nevada Power has received federal regulatory permission to acquire about 500 MW in gas-fired generating capacity located near Las Vegas (USA).
The transactions include two deals:
- a US$130 million deal to acquire LV Cogen I and II combined-cycle units with 274 MW in total capacity from Southwest Energy its, and
- a US$110 million deal to acquire the 222 MW dual-fuel Sun Peak peaking facility from ArcLight Energy.
Last year Nevada approved the Senate Bill 123, a new law which requires Nevada Power to come up with a plan to replace or eliminate 800 MW of coal-fired generating capacity before the end of 2019. The plan includes an interim target of replace or eliminate 300 MW of its capacity by the end of 2014.
The law also requires Nevada Power to develop, acquire or contract for 350 MW of renewable energy and 550 MW of other electric generating capacity.
This transaction will help the utility comply with the state mandate to retire some of its coal capacity.
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