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US FERC approves NRG Energy, Chevron power plant swap

Portland, Maine (Platts)--23 Apr 2014 1250 pm EDT/1650 GMT


NRG Energy and Chevron Power will be able to swap power plant capacity in California under an order from the US Federal Energy Regulatory Commission.

Under the Tuesday deal, NRG will acquire full ownership of a 586-MW natural gas-fired power plant in Fellows, California, and Chevron will gain 100% stakes in six cogeneration facilities that total 716 MW. Currently, the companies each have 50% stakes in the facilities.

Terms of the deal are confidential.

NRG -- a Princeton, New Jersey-based independent power producer -- acquired its stakes in the six plants from Edison Mission Energy on April 1 for $2.6 billion.

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The cogeneration facilities include the 37-MW Coalinga plant in Fresno County, the 283-MW Kern River plant in Bakersfield, the 33-MW Mid-Set plant in Kern County, the 34-MW Salinas River plant in Monterey County, the 34-MW Sargent Canyon plant in Monterey County, and the 295-MW Sycamore plant in Kern County.

All of the plants are in the California Independent System Operator footprint.

--Ethan Howland, newsdesk@platts.com
--Edited by Annie Siebert, ann.siebert@platts.com

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