A subsidiary of NRG Energy announced late last week that it will buy the largest wind farm in North America for $870 million. The deal is seen as another move by NRG to bulk up its portfolio of renewable energy, especially important now that the Environmental Protection Agency has issued its carbon emission reduction rules.
NRG Yield Inc. is buying California’s 947-MW Alta Wind Energy Center. NRG formed NRG Yield in December 2012 to own and operate its “clean energy” fleet. The project is located in Tehachapi Pass in California’s Kern County and sells its power under long-term power contracts with Edison International.
More: Reuters
Two Unplanned Outages At Millstone Spur Scrutiny
The Nuclear Regulatory Commission began a surprise inspection last week at Dominion’s Millstone nuclear generating station in Waterford, Conn., after both units shut down unexpectedly May 25. Millstone Units 2 and 3 shut down safely after a problem at one of three off-site high-voltage lines that feed power to the plant.
Unit 2 shut down without complications. At Unit 3, however, several problems arose during the shutdown, including a problem with a reactor coolant system drain. The inspection of both units started last week. There is no word on how long the inspection will take. The NRC said it will issue a report 45 days after the end of the inspection.
More: PennEnergy
PPL to Spin Off Gen. into Talen Energy
PPL Corp and Riverstone Holdings LLC said yesterday they would combine their generation businesses into a new publicly traded independent power producer.
The new company will be called Talen Energy Corp. and will own and operate 15,320 MW of capacity. Talen will be listed on the New York Stock Exchange, with PPL shareholders owning 65% of the company and Riverstone owning 35%. Financial terms of the deal were not disclosed.
More: Reuters
Dynegy Said to be Bidding on Duke Plants
The Wall Street Journal reported last week that Dynegy is among those bidding for Duke Energy’s 11 fossil fuel-fired plants in the Midwest, going up against Blackstone Group and Riverstone Holdings. Citing unnamed sources, the Journal said that Dynegy, less than two years from emerging from bankruptcy, is looking increase its customer base. The plants, in Ohio, Illinois and Pennsylvania, are expected to sell for about $2.5 billion.
More: The Wall Street Journal (subscription required)