Le Lézard
Classified in: Oil industry, Business
Subjects: POL, AVO

LS Power Announces Ohio Nuclear Subsidy Legislation Will Force Cancellation of its Troy Generating Facility Expansion

EAST BRUNSWICK, N.J., July 15, 2019 /PRNewswire/ -- LS Power is a development, investment and operating company founded in 1990 focused on power generation, energy infrastructure and related investments.  With offices in New York, New Jersey, Missouri, California and Texas, LS Power has developed, constructed, managed and acquired more than 41,000 MW of competitive power generation and over 630 miles of transmission infrastructure.

LS Power currently owns approximately 8,900 MW of generation in PJM, including the 700 MW dual-fuel simple cycle Troy Generating Facility located in Luckey, OH.  Troy has the capability to operate on both natural gas and fuel oil and provides critical black start service to help restore the region's grid in the event of a blackout.  LS Power is developing an expansion project at the Troy facility to increase the plant's output by approximately 500 MW while also increasing its efficiency by converting it to combined cycle.  The project is estimated to require an investment in excess of $500 million and would add hundreds of additional construction jobs, ~20 permanent positions and additional tax base.  The project would be funded entirely through private investment with LS Power and its investors bearing all of the risk.

LS Power's investment in Ohio was driven by the PJM market's transparency and competitive attributes and the supportive business climate in Ohio, all of which have resulted in declining energy costs for individuals and businesses in the state. 

LS Power is opposed to House Bill 6 and the handouts for Ohio nuclear plants currently being considered in the Ohio Senate as they increase costs, reward inefficiency, place other generators at a disadvantage and undermine Ohio's successful competitive market.

The handouts to nuclear plants jeopardize the economics of the other already economic generators, including the Troy facility, which could chill investment and lead to the unintended consequence of reduced reliability for Ohio's electric generation fleet.  In light of the harmful impacts that the nuclear handouts will have on the market and generators like Troy, LS Power would be forced to terminate development of the Troy expansion project if nuclear handouts are passed by the Ohio legislature.

LS Power encourages the Ohio Senate to continue to support the successful competitive electricity market in Ohio, fully consider the negative impacts of House Bill 6 on consumers in Ohio and exercise prudence in the face of the unnecessary request for $150 million per year in handouts for the Ohio nuclear plants.

About LS Power:
For more information, please visit www.LSPower.com


These press releases may also interest you

at 09:00
Urbint, the market leader in artificial intelligence (AI) for utility safety and risk reduction, and Peoples Gas, the natural gas utility serving the City of Chicago, announced a collaboration to leverage predictive AI to forecast gas odor calls...

at 08:44
Canadian-owned Irving Oil and U.S. investment firm Silverpeak have signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., subject to regulatory review and conditions of sale being met. The agreement includes a 135,000 bpd...

at 08:35
Komax Systems, Inc., is recognized as a global leader in advanced mixing solutions for the municipal and wastewater treatment industries. Problems Facing the Water Industry Municipal and wastewater treatment plants with large open channels face...

at 08:02
bp today announced that David C. Lawler, CEO of bpx energy, will add to his portfolio the responsibilities of chairman and president of bp America Inc., succeeding Susan Dio on July 1, 2020....

at 08:00
SM Energy Company ("SM Energy" or the "Company") today announced that it has extended the expiration of its previously announced offers to all Eligible Holders (as defined below) to exchange (the "Exchange Offers") any and all of its outstanding...

at 08:00
SimpliPhi Power, a leading U.S. manufacturer of safe, non-toxic, cobalt-free lithium ion energy storage systems, has partnered with Heila Technologies to deploy intelligent energy storage+solar systems at a demonstration project in Shreveport,...

News published on 15 july 2019 at 11:42 and distributed by: