PG&E (PCG) Agrees to Increase and Extend Purchase of Renewable Geothermal Power
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Pacific Gas and Electric Company (NYSE: PCG) today announced an agreement with Geysers Power Company, LLC, a subsidiary of Calpine Corporation, to increase and extend the utility's purchases of renewable geothermal power.
PG&E currently has two power purchase agreements with Geysers totaling about 375 megawatts (MW) per year, with enough renewable energy to meet the needs of more than 450,000 average homes. Those agreements expire between the end of 2012 and the end of 2014. The new deal, if approved by the California Public Utilities Commission, would extend the term for Geysers energy through 2021. Total capacity is expected to increase about 50 MW to a total of 425 MW from 2010 through 2017, dropping to a total of about 250 MW from 2018 through 2021.
PG&E currently has two power purchase agreements with Geysers totaling about 375 megawatts (MW) per year, with enough renewable energy to meet the needs of more than 450,000 average homes. Those agreements expire between the end of 2012 and the end of 2014. The new deal, if approved by the California Public Utilities Commission, would extend the term for Geysers energy through 2021. Total capacity is expected to increase about 50 MW to a total of 425 MW from 2010 through 2017, dropping to a total of about 250 MW from 2018 through 2021.
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