Constellation to Acquire Ownership Stake in Texas Nuclear Plant From NRG Energy
01 6월 2023 - 7:50PM
Business Wire
Company will purchase 44% share of South Texas
Project Electric Generating Station, expanding nation’s largest
carbon-free nuclear fleet
Constellation, operator of the nation’s largest fleet of
reliable, carbon-free nuclear plants, announced today it is
acquiring NRG Energy Inc.’s 44 percent ownership stake in the South
Texas Project Electric Generating Station, a 2,645-megawatt,
dual-unit nuclear plant located about 90 miles southwest of
Houston. The transaction is valued at $1.75 billion, with an
effective purchase price of $1.4 billion after taking into
consideration the present value of tax benefits to Constellation.
The transaction will be financed with a combination of cash and
debt.
“The South Texas Project is an exceptionally well-maintained
plant and its ability to produce resilient, carbon-free energy 24/7
makes it among the most valuable power sources in the world,” said
Joe Dominguez, president and CEO of Constellation. “With the
potential to run for at least 46 more years with the right policy
support, we look forward to working with the South Texas Project’s
other owners to continue bringing clean, reliable electricity to
this growing region for decades to come.”
After the transaction, Constellation will be one of three owners
with oversight of the South Texas Project Nuclear Operating Company
(STPNOC), which will continue to operate the plant. The purchase is
subject to approval by the Nuclear Regulatory Commission and
Department of Justice. We expect the deal to be completed by year
end.
One of the newest and largest nuclear plants in the U.S., the
South Texas Project has an exceptional track record for safety and
reliability, generating enough carbon-free power for two million
average homes.
Constellation is an industry leader in operating nuclear plants
safely, efficiently and reliably, with a fleetwide capacity factor
of more than 94 percent over the past decade, or about 4 percent
higher than the industry average. The company has ownership
interests in 13 generating stations with 23 nuclear units capable
of producing approximately 21,000 megawatts of electricity, enough
clean energy to power approximately 15 million homes.
Constellation already has a strong and growing presence in Texas
as an employer, taxpayer and significant provider of electricity
and other services to the region. The company owns and operates
3,520 megawatts of natural gas-fired generation at its Colorado
Bend II, Wolf Hollow II and Handley generating stations in Texas,
in addition to 169 megawatts of wind energy at the Whitetail and
Sendero wind projects. Constellation also is a supplier in Texas’
competitive retail energy market, supplying electricity, natural
gas, energy efficiency and other services to approximately 200,000
residential and commercial customers statewide.
The company and its more than 550 Texas employees donated
$460,000 to nonprofit organizations across the state in 2022 and
contributed 4,800 volunteer hours. Constellation also paid $33.6
million in state and local taxes in Texas last year.
BofA Securities is serving as the exclusive financial advisor to
Constellation and Sidley Austin LLP is the lead transaction counsel
to the company.
About Constellation
Headquartered in Baltimore, Constellation Energy Corporation
(Nasdaq: CEG) is the nation’s largest producer of clean,
carbon-free energy and a leading supplier of energy products and
services to businesses, homes, community aggregations and public
sector customers across the continental United States, including
three fourths of Fortune 100 companies. With annual output that is
nearly 90% carbon-free, our hydro, wind and solar facilities paired
with the nation’s largest nuclear fleet have the generating
capacity to power the equivalent of 15 million homes, providing
about 10% of the nation’s clean energy. We are further accelerating
the nation’s transition to a carbon-free future by helping our
customers reach their sustainability goals, setting our own
ambitious goal of achieving 100% carbon-free generation by 2040,
and by investing in promising emerging technologies to eliminate
carbon emissions across all sectors of the economy. Follow
Constellation on LinkedIn and Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20230601005088/en/
Paul Adams Constellation Communications 410-470-9700
paul.adams@constellation.com
Constellation Energy (NASDAQ:CEG)
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