CPS Energy Acquires Gas Plants in Corpus Christi and Laredo From Talen Energy as Part of Approved Generation Plan

Talen Energy Corporation | Source: KXAN News | Posted 03/28/2024

SAN ANTONIO, March 27, 2024 /PRNewswire/ -- Today, CPS Energy and Talen Energy Corporation ("Talen") (OTCQX: TLNE) announced an agreement for CPS Energy to acquire Talen's approximately 1,710-megawatt ("MW") generation portfolio located in the South Zone of the Electric Reliability Council of Texas ("ERCOT") market for $785 million subject to customary net working capital adjustments at closing. These assets include natural gas plants in Corpus Christi and Laredo. The transaction is expected to close in the second quarter of 2024.

AI generated summary

Natural gas plants provide firming capacity, aiding reliability and affordability for customers. CPS Energy and Talen Energy Corporation announced a $785 million agreement for CPS Energy to acquire Talen's 1,710-megawatt generation portfolio in Texas. This acquisition includes natural gas plants in Corpus Christi and Laredo and aligns with CPS Energy's plan to add a mix of gas, solar, wind, and energy storage to its portfolio.

Under the agreement, CPS Energy will purchase Talen's natural gas-fired generation facilities in Corpus Christi and Laredo, supporting CPS Energy's goal to secure additional power for the San Antonio community. The addition of these assets, along with the retirement of older units, emphasizes CPS Energy's commitment to reducing carbon emissions by 2030 and providing reliable energy at a lower cost.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

CPS Energy Acquires Gas Plants in Corpus Christi and Laredo From Talen Energy as Part of Approved Generation Plan

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login