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JV Formed By PE Firm, E&P Company Which Includes Retail Energy Component Announces Expansion Of Partnership For Sale Of Merchant Power In ERCOT
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Conduit Power, LLC ("Conduit"), a portfolio company of Grey Rock Investment Partners, and Riley Exploration Permian, Inc. ("Riley Permian") today announced that they have entered into definitive agreements to expand the scope of their joint venture, RPC Power, LLC ("RPC Power"), to build new power generation and storage assets for the sale of energy and ancillary services in ERCOT
As previously reported, RPC Power, LLC has stated that it will sell to wholesale and retail market participants. See more background on RPC Power here
RPC Power was created in March 2023 to own and operate power generation assets that use Riley Permian's produced natural gas to power its oilfield operations in Yoakum County, Texas.
"The expanded scope will enable RPC Power to initiate sales of dispatchable power and related services to ERCOT, with plans for 100MW of natural gas fueled generation and battery energy storage systems across multiple facilities in West Texas," the companies said
The facilities are targeted for commercial operations throughout 2025.
Riley Permian increased its ownership in RPC Power from 35% to 50% and has agreed to sell up to 10 MMcf/d of natural gas to RPC Power as feedstock supply for the generation facilities.
In conjunction with the agreements, Conduit will operate the facilities and dispatch power into ERCOT through its qualified scheduling entity.
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May 21, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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