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June 24, 2011
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PSEG Power Enters Second Agreement for Odessa Plant Sale
PSEG Power LLC announced that it has agreed to the sale of its remaining Texas generating asset. The 1,000 MW gas-fired Odessa generating facility in West Texas will be sold, pursuant to an asset purchase agreement, to Odessa Power, LLC, a subsidiary of Energy Capital Partners II, LP for $335 million. There is no debt attached to the asset. The sale is expected to close during the third quarter of 2011 subject to customary regulatory approvals. The sale is not subject to financing contingencies. Goldman Sachs acted as exclusive financial advisor to PSEG Power in connection with the transaction.
Duke Energy Ohio Clarifies Rider RE Rate Changes
Duke Energy Ohio clarified that bypassable Rider RE under its proposed electric security plan, which will recover generation costs from wholesale auctions, will be an annually set rate with a summer/non-summer seasonal variation. This was Matters' original understanding but a statement made during an investor call raised some confusion if the rate would change during the delivery year for a reason aside from the seasonal factoring (see 6/21 and 6/23 for background). The total price to compare will vary more often due to other bypassable components, however (quarterly updates to alternative energy compliance costs, as well as any FERC-driven changes in market-based transmission costs in Rider RTO)
Dynegy Names Kevin Howell EVP, COO
Dynegy Inc. announced that Kevin T. Howell has been named Executive Vice President and Chief Operating Officer. In these roles, Howell will manage the company's 11,600 megawatt fleet. Howell most recently served as President of NRG Texas from August 2008 until his retirement in August 2010.
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