Sempra U.S. Gas & Power, Consolidated Edison Development Partner On Nebraska Wind Project
Nov 7, 2014
SAN DIEGO and VALHALLA, N.Y., Nov. 7, 2014 /PRNewswire/ -- Sempra U.S. Gas & Power and Consolidated Edison Development (ConEdison Development) today announced an agreement to partner on the 75-megawatt (MW) Broken Bow II wind project in Custer County, Neb.
Under the sales agreement, Sempra U.S. Gas & Power and Consolidated Edison Development holding companies will each own a 50-percent interest in the wind facility. Sempra U.S. Gas & Power will continue to provide operations and maintenance services for the plant, which generates enough renewable energy to power about 30,000 Nebraska homes.
"We are pleased to partner with Consolidated Edison Development on our newest wind farm as we continue to diversify our renewables portfolio and demonstrate our commitment to clean energy development," said Kevin C. Sagara, vice president of renewables for Sempra U.S. Gas & Power. "This strategy supports our ongoing plan to redeploy proceeds into new renewable projects."
"ConEdison Development has built a strong working relationship with Sempra U.S. Gas & Power, and we believe that this first joint wind project will be as successful and beneficial as our joint solar facilities," said Mark Noyes, senior vice president and chief operating officer of ConEdison Development. "Together with Sempra U.S. Gas & Power, we are committed to building a cleaner and more sustainable future."
Construction on the Broken Bow II wind farm began in January 2014. It provided a boost to the local economy by creating more than 300 jobs during peak construction. Broken Bow II was placed into commercial operation in October 2014.
Earlier this year, the companies announced an agreement to partner in five solar projects in Nevada and California. To date, Sempra U.S. Gas & Power and Consolidated Edison Development have partnered in six solar facilities and one wind facility. The terms of the agreement were not disclosed.
About Consolidated Edison Development
CED is focusing on renewable energy and gas assets as part of an overall corporate goal of responsible environmental stewardship. Through its deep resources and trusted relationships with a range of energy-related companies, CED has successfully developed, and owns and operates close to 400 MW of solar across California, Arizona, Nevada, New Jersey, Massachusetts, Pennsylvania and Rhode Island.
Con Edison Development is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $42 billion in assets. More information can be obtained by calling 914-993-2185. You can also visit the Consolidated Edison, Inc. website at www.conedison.com.
About Sempra U.S. Gas & Power
This press release contains statements that are not historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words like "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," "contemplates," "intends," "depends," "should," "could," "would," "will," "confident," "may," "potential," "target," "pursue," "goals," "outlook," "maintain" or similar expressions, or discussions of guidance, strategies, plans, goals, opportunities, projections, initiatives, objectives or intentions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, U.S. Environmental Protection Agency, California Air Resources Board and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate; capital markets conditions, including the availability of credit and the liquidity of our investments; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects; delays in the timing of costs incurred and the timing of regulatory agency authorization to recover such costs in rates from customers; inflation, interest and exchange rates; the impact of benchmark interest rates, generally Moody's A-rated utility bond yields, on our California utilities' cost of capital; energy markets, including the timing and extent of changes and volatility in commodity prices; the availability of electric power, natural gas and liquefied natural gas, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures and the decommissioning of San Onofre Nuclear Generating Station (SONGS); weather conditions, natural disasters, catastrophic accidents, and conservation efforts; cybersecurity threats to the energy grid and the confidentiality of our proprietary information and the personal information of our customers, terrorist attacks that threaten system operations and critical infrastructure, and wars; risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight; risks that partners or counterparties will be unable or unwilling to fulfill their contractual commitments; risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest; business, regulatory, environmental and legal decisions and requirements; expropriation of assets by foreign governments and title and other property disputes; the impact on reliability of San Diego Gas & Electric Company's electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources; the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through San Diego Gas & Electric Company's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements, due to insufficient market interest, unattractive pricing or other factors; the resolution of litigation; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of the company. These risks and uncertainties are further discussed in the reports that Sempra Energy has filed with the Securities and Exchange Commission. These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on the company's website at www.sempra.com.
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Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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