Municipal Energy Audit Release
2
pages
English
Documents
Le téléchargement nécessite un accès à la bibliothèque YouScribe Tout savoir sur nos offres
2
pages
English
Documents
Le téléchargement nécessite un accès à la bibliothèque YouScribe Tout savoir sur nos offres
New Jersey Board of Public Utilities NEWS RELEASE For Immediate Release: Contact: March, 29, 2011 Greg Reinert 609-777-3305 New Jersey Board of Public Utilities Approves Agreements to Build Three New Mid-Merit Electric Generation Facilities - Projects Represent Positive Present Value of Nearly $1.8 Billion for Electric Consumers - TRENTON, N.J. – The New Jersey Board of Public Utilities voted today to approve three Standard Offer Capacity Agreement (SOCA) awards to build new mid-merit electric generation facilities. The purpose of the awards is to improve reliability of the electric grid within New Jersey, while having added economic and environmental benefits, including a present value savings of approximately $1.8 billion for New Jersey’s electricity consumers. The three generation projects, to be located in Newark, Old Bridge and Woodbridge, were recommended to the N.J. Board of Public Utilities Commissioners (Board) by the Long-Term Capacity Agreement Pilot Program (LCAPP) Agent Levitan & Associates, Inc. (LAI). The three generation projects will provide a total amount of capacity, i.e., the ability to generate electricity, referred to in industry jargon as unforced capacity (UCAP), of 1,948.5 Megawatts. On January 28, 2011, Governor Chris Christie signed into law P.L. 2011, c. 9, amending and supplementing P.L. 1999, c. 23 (LCAPP Law), establishing an LCAPP to promote the ...
Voir
Publié par
Langue
English
New Jersey Board of Public Utilities
NEWS RELEASE
For Immediate Release:
Contact:
March, 29, 2011
Greg Reinert
609-777-3305
New Jersey Board of Public Utilities Approves Agreements to Build
Three New Mid-Merit Electric Generation Facilities
- Projects Represent Positive Present Value of Nearly $1.8 Billion for Electric Consumers -
TRENTON, N.J. – The New Jersey Board of Public Utilities voted today to approve three
Standard Offer Capacity Agreement (SOCA) awards to build new mid-merit electric generation
facilities. The purpose of the awards is to improve reliability of the electric grid within New
Jersey, while having added economic and environmental benefits, including a present value
savings of approximately $1.8 billion for New Jersey’s electricity consumers.
The three generation projects, to be located in Newark, Old Bridge and Woodbridge, were
recommended to the N.J. Board of Public Utilities Commissioners (Board) by the Long-Term
Capacity Agreement Pilot Program (LCAPP) Agent Levitan & Associates, Inc. (LAI). The three
generation projects will provide a total amount of capacity, i.e., the ability to generate electricity,
referred to in industry jargon as unforced capacity (UCAP), of 1,948.5 Megawatts.
On January 28, 2011, Governor Chris Christie signed into law P.L. 2011, c. 9, amending and
supplementing P.L. 1999, c. 23 (LCAPP Law), establishing an LCAPP to promote the
construction of base load and mid-merit electric generation facilities to improve the reliability of
the PJM Grid within New Jersey.
On February 10, 2011, the Board issued an Order initiating a
proceeding to implement the actions required by the LCAPP Law, and selecting LAI as the
LCAPP Agent.
In the role of LCAPP Agent, LAI had responsibility for assisting the Board with
establishment of the LCAPP, prequalifying eligible generators, and submitting recommendations
for the Board’s consideration.
On March 15, 2011, LAI issued an initial recommendation of SOCA proposals to the Board.
As
a result of the Board’s vote (4-0), the state’s four electric utilities will begin the process of
signing contracts with the following generators:
Newark
Energy Center
Old Bridge Clean
Energy Center
Woodbridge
Energy Center
Sponsor
Hess Newark, LLC
New Jersey Power
Development LLC
CPV Shore, LLC
Unforced Capacity 625.0 MW
660.1 MW
663.4 MW
Location
Newark, NJ
Old Bridge, NJ
Woodbridge, NJ
Technology Type
Combined Cycle
Combined Cycle
Combined Cycle
Fuel Type
Natural Gas
Natural Gas
Natural Gas
First SOCA Year
2016-2017
2015-2016
2015-2016
Term
15 years
15 years
15 years
“The LCAPP competitive bid process will result in improved reliability for New Jersey
ratepayers while providing rate relief for the next 15 years with a present value of $1.8 billion,”
said Lee A. Solomon, President of the Board of Public Utilities.
“Ratepayers may see even
greater value over that same period if capacity prices increase, because the SOCA provides for
all capacity profits over the Standard Offer Capacity Price to be returned to ratepayers.”
In terms of job creation, it is estimated that over 8,000 job-years, in total, will be created during
the construction phases of the three generators in direct, indirect and induced employment.
According to information provided by the generation applicants and information on generic
combined cycle facility construction and operations costs, the potential employment impacts of
the three projects are estimated to directly create approximately 2,400 job-years during the
construction period. There will also be about 80 direct permanent, full time jobs during
operations over the facilities' lives of 30 years or more.
In addition, the ripple effects of the
construction and operations expenditures on materials and services provided by New Jersey
firms, as well as the wages and salaries received by workers directly engaged in construction and
operations, will create many more jobs.
In addition to reliability and economic benefits for ratepayers, the three projects provide
significant environmental and societal benefits.
The development of nearly 2,000 MW UCAP of
efficient, gas-fired combined cycle projects in New Jersey will, in the aggregate, reduce
emissions of air pollutants by displacing existing generation with higher emission rates of NOx,
SO2, mercury, and other gases.
The reductions are equivalent to the annual emissions of roughly
250-MW of coal-fired generation running at 100% capacity everyday of the year.
Each of the three generators appears to have community support; there is no known opposition to
any of the projects.
Each generator is in the process of negotiating a PILOT or Host Community
Benefit package, so local property taxes or other community payments cannot be quantified at
this time.
– end –
