Thursday, electric utility company Mirant Corp. (MIR), said its subsidiary, Mirant Marsh Landing, LLC, entered into a ten-year power purchase agreement with Pacific Gas and Electric Company for 760 MW of natural gas-fired peaking generation to be constructed at Mirant's existing Contra Costa facility near Antioch, California.
During the term of the power purchase agreement, Mirant Marsh Landing will receive fixed monthly capacity payments and variable operating payments. The contract provides Pacific Gas and Electric Company, or PG&E, with the entire output of the 760 MW facility which will be capable of producing 719 MW during peak July conditions.
Construction of the new facility is scheduled to begin in late 2010 and to be completed by May 2013. The project is expected to create over 350 union construction jobs at the peak. Separately, Mirant Delta, LLC, another subsidiary of Mirant, entered into an extension of its existing power purchase agreement with PG&E for Contra Costa Units 6 and 7 from November 2011 through April 2013. At the end of the extension, and subject to regulatory approval, Mirant Delta has agreed to retire Contra Costa Units 6 and 7, which began operations in 1964, in furtherance of state and federal policies to retire aging power plants that utilize once-through cooling technology.
MIR closed $15.96, down $0.09 or 0.56%, on the NYSE.
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