Calpine Advances Development of 309 MW Garrison Energy Center
HOUSTON--(BUSINESS WIRE)-- Calpine Corporation (NYS: CPN) has confirmed its commitment to proceed with full-scale development efforts for the proposed 309 megawatt Garrison Energy Center, an energy-efficient and environmentally responsible power plant to be located in Dover, Delaware. Subject to continued successful development milestones, including the receipt of key environmental and land use approvals, Calpine expects to commence construction of the facility in early 2013 and to achieve commercial operation by June 1, 2015.
"When Calpine acquired Conectiv Energy in July 2010, we made a commitment to Delaware that we would be a good corporate citizen," said Jack Fusco, Calpine's President and Chief Executive Officer. "Initially, we voluntarily eliminated the use of coal at our power plants in favor of cleaner burning natural gas. Our next step is to help Delaware ensure its electric energy supply future by constructing a modern, state-of-the art power plant that will provide competitively priced, reliable electric energy for the Delmarva Peninsula."
The Garrison Energy Center is under advanced development as a combined-cycle, natural gas-fired generating facility that will be designed to accommodate an additional 309 megawatt expansion should future market conditions warrant. To date, the project has received strong support from state and local officials as a significant economic development opportunity and a valuable addition to the state's energy infrastructure.
"Delaware is committed to securing cleaner, cheaper and more reliable energy," said Governor Jack Markell. "By deploying advanced energy-efficient technology, electric production from the Garrison Energy Center will provide lower-cost and cleaner electricity for Delaware residents and businesses, while displacing older, inefficient and dirtier sources of energy from upwind states. Since Calpine established a regional headquarters in Wilmington two years ago, my administration has supported its efforts to help meet the state's power needs while creating jobs and spurring new economic development opportunities."
The project will also provide local benefits. "Calpine's Garrison Energy Center, which will be built in Dover's Garrison Oak Technical Park, represents a unique opportunity for the City. This state-of-the-art generating facility will improve the reliability of the electric system and provide new and much-needed revenue streams for the City. In addition, the construction of a pipeline to serve the facility will expand the availability of natural gas to other businesses and consumers in the region," said Dover Mayor Carlton E. Carey Sr. "We are pleased to welcome the Garrison Energy Center as an anchor tenant to the technical park and thank Calpine for its commitment to the First State."
"This project demonstrates that by working cooperatively with governmental officials and other valued stakeholders, we can all benefit from the regional wholesale competitive market," Fusco added.
Calpine Corporation is the largest independent power producer in the U.S., with a fleet of 93 power generation plants representing more than 28,000 megawatts of generation capacity. Last year our plants generated more than 94 million megawatt hours of power for our wholesale customers in 20 states and Canada. Our 91 operating plants as well as two under construction consist primarily of natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our modern, clean, efficient and cost-effective fleet stands ready to respond to the increased need for cleaner and more affordable power as the economy recovers, as new environmental rules are implemented and force older, dirtier plants to retire or reduce generation, as variable renewable power generation from wind and solar grows and with it the need for flexible natural gas generation to assure firm supply to the grid, and finally, as natural gas becomes economically competitive with coal as a fuel for power generation. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.
In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended Dec. 31, 2011. These filings are available by visiting the Securities and Exchange Commission's website at www.sec.gov or Calpine's website at www.calpine.com. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.
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