NRG to be part of $16B in new power generation over next 10 years - Newsday.com

PRINCETON, N.J. -- Power supplier NRG Energy Inc. said Wednesday it will be part of projects worth $16 billion over the next 10 years to develop 10,500 megawatts in new generating capacity. The new plants are to include two nuclear units, three gasified coal units, two traditional pulverized coal units, at least two wind farms, and at least one plant that uses steam and gas derived from coal to spin its turbines.


NRG now generates more than 24,700 megawatts, mostly in Texas and the Northeast, South Central and Western regions of the United States. It also has ownership interests in generating facilities in Australia and Germany. A megawatt is enough power to serve between 700 and 1,000 homes. "NRG is strategically located in domestic markets with high and growing demand for power and an over-reliance on expensive natural gas for their power generation," said NRG president and CEO David Crane. "NRG's development program is designed to meet the growing energy needs of these regions, while both reducing their dependence on natural gas for power generation purposes and making meaningful progress towards reducing our carbon profile." The projects will be funded by partners and project debt, NRG said. It anticipates creating 1,500 permanent jobs. The announcement is the latest in a string of developments for Princeton-based NRG. On Tuesday, NRG said it would acquire Padoma Wind Power LLC, of La Jolla, Calif., which builds and operates wind power plants. Earlier this month, the company successfully fended off a nearly $8 billion buyout offer from rival power producer Mirant Corp. of Atlanta. NRG shares rose 72 cents, or 1.5 percent, to close at $47.85 in trading Wednesday on the New York Stock Exchange. It has traded from $36.40 to $52.61 over the past year. ___P> On the Net: http://www.nrgenergy.com