This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Calpine Advances Development Of 309 MW Garrison Energy Center

Stocks in this article: CPN

Calpine Corporation (NYSE:CPN) has confirmed its commitment to proceed with full-scale development efforts for the proposed 309 megawatt Garrison Energy Center, an energy-efficient and environmentally responsible power plant to be located in Dover, Delaware. Subject to continued successful development milestones, including the receipt of key environmental and land use approvals, Calpine expects to commence construction of the facility in early 2013 and to achieve commercial operation by June 1, 2015.

“When Calpine acquired Conectiv Energy in July 2010, we made a commitment to Delaware that we would be a good corporate citizen,” said Jack Fusco, Calpine’s President and Chief Executive Officer. “Initially, we voluntarily eliminated the use of coal at our power plants in favor of cleaner burning natural gas. Our next step is to help Delaware ensure its electric energy supply future by constructing a modern, state-of-the art power plant that will provide competitively priced, reliable electric energy for the Delmarva Peninsula.”

The Garrison Energy Center is under advanced development as a combined-cycle, natural gas-fired generating facility that will be designed to accommodate an additional 309 megawatt expansion should future market conditions warrant. To date, the project has received strong support from state and local officials as a significant economic development opportunity and a valuable addition to the state’s energy infrastructure.

“Delaware is committed to securing cleaner, cheaper and more reliable energy,” said Governor Jack Markell. “By deploying advanced energy-efficient technology, electric production from the Garrison Energy Center will provide lower-cost and cleaner electricity for Delaware residents and businesses, while displacing older, inefficient and dirtier sources of energy from upwind states. Since Calpine established a regional headquarters in Wilmington two years ago, my administration has supported its efforts to help meet the state’s power needs while creating jobs and spurring new economic development opportunities.”

The project will also provide local benefits. “Calpine’s Garrison Energy Center, which will be built in Dover’s Garrison Oak Technical Park, represents a unique opportunity for the City. This state-of-the-art generating facility will improve the reliability of the electric system and provide new and much-needed revenue streams for the City. In addition, the construction of a pipeline to serve the facility will expand the availability of natural gas to other businesses and consumers in the region,” said Dover Mayor Carlton E. Carey Sr. “We are pleased to welcome the Garrison Energy Center as an anchor tenant to the technical park and thank Calpine for its commitment to the First State.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs