Contact: LCRA: Bill McCann, 1-800-776-5272, Ext. 4032
Robbie Searcy, Ext. 2235
Calpine: Meg Laidlaw, (713) 830-8655
BASTROP — GenTex Power Corporation, an affiliate of the Lower Colorado River Authority (LCRA), has completed the purchase of Calpine Corporation's interest in Lost Pines 1 Power Project near Bastrop. This finalizes the agreement the two organizations drafted in December 2003.
GenTex and Calpine together built the 545-megawatt (MW) gas-fired, combined-cycle power plant, which began operation in 2001. The purchase will help LCRA serve the growing base-load energy demands for its 42 wholesale electric customers, including city-owned utilities and electric cooperatives in and around Central Texas, without adding new generation to the Electric Reliability Council of Texas transmission system or added emissions in Bastrop County. GenTex will continue to pay taxes in Bastrop County for the property.
"We have done the right thing for our wholesale customers and the community surrounding the plant," said Joe Beal, LCRA general manager. "Calpine has a history of building reliable, clean plants, and we are pleased to add the remainder of this asset to our electric generation portfolio."
Calpine remains the leading independent power producer in Texas, with more than 6,000 megawatts in operation. LCRA will continue to sell Calpine Energy Services up to 250 megawatts of electricity through Dec. 31, 2004.
"While it has been a pleasure working with LCRA, given the load growth associated with their customers and Calpine's position in ERCOT, both parties are going to realize benefits from this transaction," noted Calpine Senior Vice President, Marketing & Sales, Darrell Hayslip.
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