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New York Issues Offshore Wind Solicitation

LCG, November 9, 2018--The Governor of New York yesterday announced a solicitation for 800 MW or more of new offshore wind projects to supply renewable energy to New York to combat climate change. The New York State Energy Research and Development Authority (NYSERDA) issued the Request for Proposals (RFP), which is the first key step in New York's plan to install 2,400 MW of offshore wind projects by 2030.

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Xcel Energy to Acquire Mankato Energy Center from Southern Power

LCG, November 8, 2018--Xcel Energy and Southern Power, a subsidiary of Southern Company, earlier this week announced an agreement for Southern Power to sell the Mankato Energy Center to Xcel Energy for $650 million. The completion of the sale, subject to regulatory approval and other closing conditions, is expected to be mid-2019.

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Industry News

Xcel Energy to Acquire Mankato Energy Center from Southern Power

LCG, November 8, 2018--Xcel Energy and Southern Power, a subsidiary of Southern Company, earlier this week announced an agreement for Southern Power to sell the Mankato Energy Center to Xcel Energy for $650 million. The completion of the sale, subject to regulatory approval and other closing conditions, is expected to be mid-2019.

Xcel Energy has purchased power from the Mankato Energy Center's first unit since 2006 and has an agreement for the energy from the under-construction second unit beginning in 2019. Once the gas-fired, combined-cycle facility is expanded from a 1x1 to a 2x1 design, the electric generating capacity of the power plant will increase from 375 MW to 760 MW.

"Securing the Mankato gas plant is a great value for our customers as it will provide significant cost savings and operating flexibility for the long term," said the president of Xcel Energy-Minnesota, South Dakota, North Dakota. "As we continue to transition to cleaner energy sources and reduce reliance on coal, this plant will help us continue to deliver reliable electricity while keeping bills low."

Proceeds from this transaction will be used to strengthen the balance sheet of Southern Company.

In September 2016, Southern Power announced its acquisition of the Mankato Energy Center from Calpine Corporation. The facility represented Southern Power's first generating asset within the Midcontinent ISO (MISO).
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