Some new on Doreal today - check their website. It's very positive, I'll leave it at that.
Slightly OT/
Entergy Proposes 800-Megawatt Plant in Castelnou, Spain
THE WOODLANDS, Texas, Jan. 27 /PRNewswire/ -- Entergy Wholesale Operations (EWO), the wholesale generation development and marketing business unit of Entergy Corporation (NYSE: ETR - news), today said it is proposing to develop an 800-megawatt natural gas-fired state-of-the-art combined cycle power plant near Castelnou located in the Aragon region of Spain.
EWO has purchased a site approximately 124 miles (200 km) west of Barcelona and initiated the permitting process with appropriate authorities of the Spanish government as an expression of its interest. In addition, EWO also plans to open an office in Madrid to manage the permitting, power development and marketing activities in the country.
The project as proposed would use two state-of-the-art ``F' class gas turbines in combined cycle operation to generate electric power. This technology is the preferred method of generating power from natural gas because it provides both higher efficiency and lower environmental emissions than conventional boiler systems.
The estimated cost of the project is $500 million (US). Financial close could be as early as 2001, following receipt of governmental permits, with commercial operation projected in 2004. Power from the facility will be sold on a merchant basis although other options are being explored as the development process progresses.
Entergy's objective in Europe is to build a complementary portfolio of generation assets, coupled with state of the art power marketing and trading capability, that allows the company to be a major independent supplier to the emerging competitive wholesale electricity markets in targeted European markets.
Entergy began implementing this combined asset development and trading strategy during 1999 in the England and Wales market where it has two advanced combined cycle gas fired merchant plants, with a combined capacity of 2,000 megawatts under construction, and an active energy trading and marketing office headquartered in London.
Specifically, Entergy is primarily targeting western European markets that are liberalizing and opening to competition and where its experience as a generator of low-cost, reliable and environmentally friendly power, coupled with its extensive risk management and trading expertise, gives it a competitive advantage over incumbent utilities and other competitors. Where Entergy has competitive advantages, it is also seeking to develop selective generation opportunities in targeted central and eastern European countries as those markets are privatized and liberalized.
``We are taking a very targeted approach in our European expansion,' said David Stoner, EWO's managing director of development for Europe. ``By carefully selecting the markets we choose to enter, we intend to build a portfolio of competitive assets and trading capabilities to provide unique energy solutions to customers and create additional value for shareholders.'
Entergy plans to invest almost $4 billion (US) over the next five years in its wholesale generation business, and plans to close on a minimum of 1,500 megawatts -- globally -- each year for the next several years. EWO, based in The Woodlands, Texas, now has 12 projects in nine countries. It owns, has interest in or has in advanced development or construction approximately 10,615 megawatts of gross capacity worldwide. Its net ownership is approximately 5,880 megawatts of capacity.
Currently in Europe, EWO has two plants under construction and an additional project in active development. Saltend, a 1,200-megawatt merchant power station located in Hull, U.K., is expected to go into commercial operation around the middle of 2000. Damhead Creek, an 800-megawatt merchant plant under construction in Kent, U.K., is projected for commercial operation in late 2000.
In Bulgaria, EWO is partnering with the National Electric Company of Bulgaria (NEK) to modernize and upgrade Maritza East III, an 840-megawatt coal fired, mine mouth power plant. The plant is located near the town of Stara Zagora, approximately 115 miles southeast of Sofia. The rehabilitation will extend the life of the facility by at least 15 years and add flue gas desulphurization equipment to ensure plant emissions meet, or exceed, all national and international standards. The project is expected to go to financial close later this year.
Entergy, headquartered in New Orleans, is a U.S.-based global energy company with power production, distribution operations and related diversified services. Entergy owns, manages or invests in power plants generating nearly 30,000 megawatts of electricity domestically and internationally. Entergy distributes energy to more than 2.5 million customers in the U.S. |
