Thursday, Mirant Corp. (MIR) said its subsidiary, Mirant Marsh Landing, LLC, signed a ten-year power purchase agreement with Pacific Gas and Electric Co. for 760 MW of natural gas-fired peaking generation to be constructed at Mirant's existing Contra Costa facility near Antioch, California. Construction of the Marsh Landing facility is scheduled to begin in late 2010 and to be completed by May 2013. At its peak, the project will create over 350 union construction jobs, the company noted.
The company added that during the ten-year term of the power purchase agreement, Mirant Marsh Landing will receive fixed monthly capacity payments and variable operating payments. The contract provides PG&E with the entire output of the 760 MW facility which will be capable of producing 719 MW during peak July conditions.
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