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TheStreet Open House

Georgia Power To Acquire 250 Megawatts Of Wind Energy From Leading Developer EDP Renewables

Stock quotes in this article: SO

ATLANTA, April 22, 2013 /PRNewswire/ -- Georgia Power announced today that it has entered into an agreement with EDP Renewables North America that will add wind energy to the company's diverse energy portfolio.

(Logo:   http://photos.prnewswire.com/prnh/20050216/CLW066LOGO)

Through the contracts, Georgia Power will source 250 megawatts (MW) of cost-effective wind energy from EDP's wind farms in southwest Oklahoma. The wind energy purchased through these contracts will provide enough electricity at peak to power more than 50,000 Georgia homes.

"We are continuously evaluating energy options that provide the best overall economic value to our customers," said Paul Bowers, president and CEO of Georgia Power. "Adding wind energy to our generation mix underscores our commitment to a diverse portfolio that offers clean, safe, reliable, sustainable and low-cost electricity for years to come."

Georgia Power will begin receiving the wind power on January 1, 2016. This agreement is expected to deliver cost savings to Georgia Power customers over the life of the contract and is the latest step in Georgia Power's ongoing effort to procure renewable energy in the most cost-effective manner for customers. 

Georgia Power has consistently pursued economic opportunities to grow its renewable portfolio and this measure complements existing renewable resources that are currently in place. Earlier this year, the company introduced the Georgia Power Advanced Solar Initiative (GPASI) which will contract for up to 210 MW of solar capacity through long-term purchase power agreements with Georgia Power customers and solar developers, likely creating the largest voluntarily developed solar portfolio from an investor-owned utility. The GPASI complements the company's existing solar resources, which include leading-edge research and demonstration projects and a 50 megawatt Large Scale Solar program already in place. In addition, the company's fleet includes more than 1,200 MW of renewable generation sources including hydro, biomass and landfill methane gas. 

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