Constellation NewEnergy signed a 25-month power supply agreement with the city of Chicago that saves the city 2% from its last power contract. In accordance with a City Council directive, the deal sources the power from non-coal sources: nuclear and natural gas generation based in Illinois. The rate and annual weighted average price for the fixed facility portion of the contract is $42.67/MWh. The power will supply 450 city facilities as well as street and traffic lights.
More: Constellation; Weekly Citizen
FirstEnergy Adds $2.8 Billion to Plan
FirstEnergy will invest $2.8 billion more in the “Energizing the Future” transmission plan announced last year. Most of the work will be on 69 kV lines and substations in the Ohio Edison, Cleveland Electric Illuminating, Toledo Edison and Penn Power territories.
One analyst said the company’s new focus — after years of investing on its unregulated businesses — has it looking more like rival American Electric Power.
More: Crain’s Cleveland Business; The Columbus Dispatch
Duke CEO on Merger Winners, Losers
Duke CEO Lynn Good chose her management team after Duke’s merger with Progress Energy based on “capabilities and track record.”
“There is a comfort level with people you’ve known for a long time — you’ve been in the foxhole with them. But when you bring an organization together, you need to be agnostic about background,” she said in an interview.
More: The New York Times
PPL, Banks in Partnership
PPL has set up a partnership with 21 Pennsylvania banks that will provide a $300 million revolving credit facility to support investments, including the $4 billion in utility infrastructure improvements that PPL companies plan to make.
More: PPL
TVA To Shut 2 Ky. Coal Units
The Tennessee Valley Authority will shut Units 1 and 2 at its Paradise coal station near Central City once a new natural gas plant is built at the site. Paradise 3, a 1,100 MW coal unit with mercury-emission controls will remain in operation.
The retirements of the two 700 MW Paradise units were among 3,000 MW of retirements TVA just authorized, bringing its total coal retirements to 5,600 MW. Also being shuttered are six coal generators at two locations in Alabama.
More: The New York Times; TVA
