With the sanctioning of the state and Granbury, Arlington, VA-based AES Corp. has just started the project. Commercial production is targeted for summer 2002. One company official has declined to discuss the impact on Lake Granbury, where lakefront homes of all price ranges and high-end multifamily developments dot the shoreline and specialty shops literally frame all sides of a historic town square. Another company official has not returned telephone calls.
AES has cut a deal a 20-year power purchase pact with a major US power marketer, but the identity is being kept under wraps, the company official had emphasized to GlobeSt.com. The company has issued a press release, with minimal details about the project. The remaining power is to be sold into the Texas electricity market while another long-term pact guarantees gas from another an unidentified major US gas supplier. TXU is the predominant supplier of gas and electric in the region, but AES officials just aren't putting out the provider's name.
AES has inked a lump-sum engineering procurement and construction contract with a partnership of Parson's Energy and Chemical Group Inc. and Enron/Nepco for the facility. The Brazos River Authority will supply water under a 32-year agreement, with TXU providing electrical interconnections.
According to AES' Wolf Hollow LP president Bob Johnston, who is based in Austin, the power plant has been in the works for only 1 1/2 years. Just this month, AES has acquired a majority interest in a Nigerian electricity-supplying business; submitted a proposal in California to restart two retired gas-fired units; secured a 39% interest in an Argentinean hydro plant; and made a stock exchange offer with Gener S.A. AES is a leading global power company with interests in 153 facilities totaling more than 53 gigawatts of capacity. Through various retail electricity supply businesses in 22 countries, AES sells power to 154,000 providers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.