During the peak period of construction, this project created nearly 400 jobs in the local community. The project is expected to increase annual tax revenue in excess of $3 million per year. No state or local tax dollars were utilized for this project.Through a 10-year power purchase agreement, Southern California Edison will obtain the entire output of the facility. The El Segundo Energy Center is one of several NRG assets that are subject to a Right of First Offer Agreement between NRG Energy Inc., and the newly created NRG Yield, Inc. (NYSE: NYLD). About NRG NRG is at the forefront of changing how people think about and use energy. We deliver cleaner and smarter energy choices for our customers, backed by the nation’s largest independent power generation portfolio of fossil fuel, nuclear, solar and wind facilities. A Fortune 500 company, NRG is challenging the U.S. energy industry by becoming the largest developer of solar power, building the first privately-funded electric vehicle charging infrastructure, and providing customers with the most advanced smart energy solutions to better manage their energy use. In addition to 47,000 megawatts of generation capacity, enough to supply nearly 40 million homes, our retail electricity providers – Reliant, Green Mountain Energy and Energy Plus – serve more than two million customers. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy. NRG Safe Harbor Disclosure This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include NRG’s expectations regarding the Company’s El Segundo facility and forward-looking statements typically can be identified by the use of words such as “will,” “expect,” “believe,” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets, changes in government regulation of markets and of environmental emissions, and our ability to achieve the expected benefits and timing of our power generation projects. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov.
NRG Energy, Inc. (NYSE: NRG), has entered commercial operation at its El Segundo Energy Center, a natural gas–fueled, combined-cycle generating facility located near Los Angeles, CA. The plant produces 550 megawatts (MW) of efficient and flexible electricity to the California grid – enough to supply power to nearly 450,000 homes. The fast-start, rapid response power generation employed by El Segundo delivers more than half of its generating capacity in less than 10 minutes and the balance in less than 1 hour; allowing it to back up and enable greater use of intermittent renewable technology. “Our modernization efforts at El Segundo ideally complement California’s growth of intermittent renewable energy sources, such as wind and solar, in support of the State’s renewable portfolio standard while maintaining its tradition of being a good neighbor to the surrounding coastal communities,” said John Chillemi, President of NRG Energy’s West Region . “In addition, we have worked with the community to improve the visual aesthetics of the site by incorporating native landscaping, installing a new picturesque sea wall, and affording improved coastal views with the lower profile of the plant.” The El Segundo Energy Center project contributed to other significant environmental benefits, including the retirement of a less efficient, vintage, 335 MW steam boiler unit constructed in 1964 that relied on ocean water for cooling. The new Energy Center relies on reclaimed water for its state-of-the art, air-cooled, combined cycle operation, reducing the use of potable water at the site by nearly 90 percent. The El Segundo Energy Center meets or exceeds the State’s and South Coast’s strict air quality standards and will use 30 percent less natural gas per megawatt produced than the original steam boilers, thereby supporting California’s objective of meeting 1990 greenhouse gas levels by 2020. Further enhancing the aesthetics of the site, the project included the removal of two large oil tanks, which improves community views of the local coastline.