TransAlta Corporation announced today that CalEnergy, LLC, a joint venture it has with MidAmerican Energy Holdings Company, has executed a 50 MW long-term contract for renewable geothermal power with Salt River Project (SRP), an Arizona utility.
Highlights of Salt River Project and CalEnergy Contract:
Duration of power purchase agreement is 24 years, or 2016 to 2039;
SRP contract reflects 15% of the capacity of CalEnergy's geothermal facilities, bringing the total contracted capacity to 40%;
CalEnergy continues its work to market the remainder of the capacity from the 10 geothermal facilities, as the existing contracts roll off; and
Through CalEnergy, TransAlta continues to invest in renewable power options for customers.
Bringing Value to Customers and Shareholders:
One of TransAlta's strategic approaches to balance sheet strength remains execution of long term contracts for its assets, which provides reliability of power and price for its customers, while also providing a consistent return on investment for shareholders.
Highlights of Other Recent Contract Executions:
In August, TransAlta announced the recontracting of its Ottawa gas plant (Central Canada) with the Ontario Power Authority, 20 year long term contract, 71.8 MW;
In June, CalEnergy (Western U.S.) announced the first long-term contract under a new remarketing strategy with the City of Riverside in California, 24 year contract, 86 MW;
Also in June, TransAlta announced for the Centralia Plant (Western U.S.); an 11 year contract signed with Puget Sound Energy (PSE), PSE will acquire 180 MW of firm, base-load coal transition power starting in December 2014. In the following 12 months the contract increases to 280 MW. From December 2016 to December 2024, the contract is for 380 MW, and volume drops to 300 MW in the last year.
Highlights of Salt River Project and CalEnergy Contract:
Duration of power purchase agreement is 24 years, or 2016 to 2039;
SRP contract reflects 15% of the capacity of CalEnergy's geothermal facilities, bringing the total contracted capacity to 40%;
CalEnergy continues its work to market the remainder of the capacity from the 10 geothermal facilities, as the existing contracts roll off; and
Through CalEnergy, TransAlta continues to invest in renewable power options for customers.
Bringing Value to Customers and Shareholders:
One of TransAlta's strategic approaches to balance sheet strength remains execution of long term contracts for its assets, which provides reliability of power and price for its customers, while also providing a consistent return on investment for shareholders.
Highlights of Other Recent Contract Executions:
In August, TransAlta announced the recontracting of its Ottawa gas plant (Central Canada) with the Ontario Power Authority, 20 year long term contract, 71.8 MW;
In June, CalEnergy (Western U.S.) announced the first long-term contract under a new remarketing strategy with the City of Riverside in California, 24 year contract, 86 MW;
Also in June, TransAlta announced for the Centralia Plant (Western U.S.); an 11 year contract signed with Puget Sound Energy (PSE), PSE will acquire 180 MW of firm, base-load coal transition power starting in December 2014. In the following 12 months the contract increases to 280 MW. From December 2016 to December 2024, the contract is for 380 MW, and volume drops to 300 MW in the last year.