Green Mountain Power to buy electricity from Seabrook

first_imgGreen Mountain Power Corp,Green Mountain Power CEO Mary Powell announced today that it has reached a power purchase agreement with NextEra Energy Resources LLC, owner of the Seabrook, NH, nuclear power plant. The 23-year agreement is a fixed-price contract that adjusts with an inflation mechanism to protect customers from future power price swings.Click photo to watch.The energy price for 2012 is 4.66 cents per kilowatt hour. The initial load will be for 60 megawatts and over time be reduced to 40 MW. The 60 MW represents about 20 percent of GMP’s portfolio.GMP also negotiated a reserve of another 25 MW at the same price that Powell said will be available to other Vermont utilities, though no other has committed to it yet.Powell said: ‘It is a contract that fulfills the vision and promise that we made to our customers three years ago, which was to deliver power that is low in carbon, low in cost and incredibly reliable, while we also ramp up cost-effective renewable energy options for Vermont’s future.’NextEra CEO Lew Hay said: ‘We’re delighted to be able to provide power for a very long time that’s very affordable and is zero carbon output. We’re proud of the Seabrook plant. We’ve owned and operated that plant for the better part of eight years and it’s a very reliable plant. It’s a very efficient plant. And we hope this is the beginning of even more things to come.’NextEra bought Seabrook in 2002. Its license does not expire until 2030.Hay said Seabrook has plenty of capacity to make more deals but would not say if he is in negotiations with other Vermont utilities. He said NextEra was approached by Entergy Nuclear several months ago about buying the Vermont Yankee plant. Entergy said in April that it had attempted but failed to find a buyer for VY. Steve Costello from Central Vermont Public Service said his utility is in no rush to sign longterm contracts, given CVPS’ strong position at the moment and the buyer’s market which now exists in the New England power system.Powell said that this deal with Seabrook does not preclude any future power purchase agreement with the Vermont Yankee nuclear plant in Vernon, should VY successfully work its way through various legal and regulatory issues. Powell said that this deal with Seabrook does not preclude any future power purchase agreement with the Entergy Vermont Yankee nuclear plant in Vernon, should VY successfully work its way through various legal and regulatory issues.She said that this Seabrook deal, in conjunction with last year’s Hydro-Quebec agreement, fills GMP’s long-term baseload needs. She calls them “anchor tenants.” She said there is strategic room in the Colchester-based utility’s portfolio to look at different power purchase options as they may come along. She said that GMP is committed to maintaining a diverse portfolio.Pictured: Mary Powell with NEXTera Energy Chairman and CEO Lewis Hay III. Below, Powell chats with reporters before the press conference.Not including nuclear or Hydro-Quebec, Powell said the GMP renewable energy portfolio will account for 20 percent of the utility’s power by 2013. If Hydro-Quebec is included, that number goes up to 60 percent, she said.The announcement was made at Dynapower in South Burlington, whom Powell described as an important customer for GMP. Other important customers were also present.Janet Bombardier, the senior location executive at IBM Burlington, said that IBM is looking for quality, reliable, cost-effective power. She told Vermont Business Magazine that IBM’s concern with the uncertainty involving Vermont Yankee included the price. The current VY cost is about 4.5 cents per kilowatt hour.‘This helps keep those rates stable,’ she said.Green Mountain Coffee Roasters, based in Waterbury, is the fastest growing company in Vermont among the state’s 25 largest, according to VBM (January 2011). Its five-year growth rate is over 700 percent. Its 10 year growth rate is over 1,500 percent.As with IBM, it operates sophisticated machinery that require a large amount of reliable power.Paul Comey, GMCR’s VP for Environmental Affairs said his firm, as with GMP, is committed to renewable power and regularly buys offsets from around the country to achieve carbon neutrality.Betsy Bishop, president of the Vermont Chamber of Commerce said, ‘I think this is a good day for the business community.’She said all electric customers in Vermont want low-cost, reliable, baseload power.Powell said in a statement: “This agreement is very favorable for our customers, and delivers on the vision Green Mountain Power launched three years ago to move to a cleaner, greener future in a cost effective way. We set out to accomplish this by ramping up cost effective renewables while we built a solid portfolio that is low in carbon, cost and is incredibly reliable. This provides the perfect platform for our continued efforts to pursue cost effective renewable energy options.””With this agreement, along with the recently approved Hydro Quebec contract and plans to build Kingdom Community Wind in Lowell, Green Mountain Power has delivered on the major components of its vision to provide reliable, low cost and low carbon resources,” Powell added.Located in southern New Hampshire, the 1,245-megawatt Seabrook nuclear power plant has been in operation since 1990. NextEra Energy Resources is the majority owner and operator of the plant.NextEra Energy Resources has more than 100 power generating facilities in 26 states and Canada.The Florida-based company is the leading US producer of wind power, and its solar array in California’s Mojave Desert is currently the largest in the United States. Green Mountain Power and NextEra Energy Resources hope to continue to collaborate on future renewable energy projects in Vermont as Green Mountain ramps down its portfolio dependence on Seabrook.Mitch Davidson, president and CEO of NextEra Energy Resources, said in a statement, “We anticipate that this is the first step in a long-term partnership with Green Mountain Power and the people of Vermont. We look forward to discussing new opportunities to partner with Vermont utilities, in particular in regards to promoting and developing renewable energy.”Beginning in 2015, GMP will take 60 megawatts of Seabrook power ramping down to 40 megawatts by the end of the contract, representing approximately 20 percent of its total overall energy mix. An additional 25 megawatts of power will be made available to other Vermont utilities on the same favorable terms. The agreement was reached after several months of negotiations, and must be approved by Vermont’s Public Service Board before taking effect.GMP will also purchase 15 megawatts of energy from NextEra Energy Resources for 2012-2014, a period during which GMP has been periodically replacing its expiring power supply contracts.Liz Miller, Commissioner of the Vermont Department of Public Service, said, “GMP has struck a deal for a price that looks good for its own customers and for the customers of other Vermont utilities that decide to participate. Keeping costs down for Vermonters is great for the state’s economic development.” About Green Mountain PowerGreen Mountain Power (www.greenmountainpower.com(link is external)) transmits, distributes and sells electricity in the State of Vermont. It serves more than 175,000 people and businesses.About NextEra Energy ResourcesNextEra Energy Resources, LLC is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2010 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and approximately 15,000 employees in 28 states and Canada. www.NextEraEnergyResources.com(link is external).last_img read more

Former US President Jimmy Carter cuts Guyana trip short after falling ill

first_imgGEORGETOWN, Guyana – Former U.S. President Jimmy Carter on Sunday cancelled plans to observe general elections in the South American country of Guyana after falling ill, his organization said.The 90-year-old Carter left the country for the city of Atlanta in his home state of Georgia, The Carter Center said.The nature of his illness was not disclosed.“President Carter was not feeling well and has departed Guyana to return to Atlanta today. The Carter Center election observation mission in Guyana is continuing its work and will keep him informed of developments,” a statement read.Carter was the 39th president of the United States and held office between 1977 and 1981. He remains very active in global human rights work.Prior to leaving the former British colony, Carter held separate talks with the leader of Guyana’s main opposition coalition and the country’s president, Donald Ramotar.Forty-nine other observers are remaining in Guyana to observe Monday’s poll, which is expected to be keenly contested between the country’s two major political parties.“President Carter is hopeful about Guyana’s election and expressed his commitment and that of The Carter Center to supporting Guyana in the days ahead, stressing the need for a peaceful process before, during, and after the election,” the center said. Facebook Comments Related posts:How Jimmy Carter has long pursued peace, justice and care for those on the margins US, Latin lawmakers urge Venezuela to allow election observers The good, bad and bizarre in US election candidates Expats ‘feel the Bern’ as Democrat Global Primary kicks off in Costa Ricalast_img read more