FERC Allows NRG, Chevron to Trade Ownerships of California Power Plants

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Researched by Industrial Info Resources (Sugar Land, Texas)--On April 22, the U.S. Federal Energy Regulatory Commission (FERC) authorized a power plant trade between NRG Energy (NYSE:NRG) (Princeton, New Jersey) and Chevron Corporation (NYSE:CVX) (San Ramon, California).

According to the terms of the deal, NRG will acquire full ownership of the Sunrise Cogen in Fellows, California, a 586-megawatt (MW), natural gas-fired power plant. Chevron will obtain 100% stakes in six cogeneration facilities that have a total generating capacity of 716 MW. NRG and Chevron each had 50% ownership of the facilities prior to the trade.

NRG acquired its stakes in the six facilities when it acquired Edison Mission Energy (Victoria, Australia) on April 1 for $2.6 billion.

The cogeneration facilities that Chevron will acquire 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.

Exact terms of the deal have not been released at this time.

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