ELECTRIC POWER DEVELOPMENT CO., LTD. August 31, 2016
J-POWER
J-Power agrees to acquire additional interest in Elwood Energy, LLCElectric Power Development Co., Ltd. (headquartered in Chuo-ku, Tokyo; Toshifumi Watanabe, President, hereafter "J-POWER") announced today that it decided to acquire an additional 50% interest in Elwood Energy LLC, which owns the Elwood Power Plant (1,350MW, Simple Cycle Gas Turbine Plant, Will County, Illinois), from the subsidiaries of a major US gas and electricity company, Dynegy Inc. (hereafter "Dynegy"). The acquisition will be made through its limited partnership vehicle with John Hancock Life Insurance Company U.S.A. ("John Hancock"). Prior to this announcement, J-POWER's US local entity, J-POWER USA Development Co., Ltd., signed a definitive acquisition agreement with
Dynegy on August 3rd, 2016.
J-POWER indirectly acquired partial interests in Elwood Energy LLC in January 2007, and thereafter established a limited partnership with John Hancock in May of the same year. The limited partnership has maintained t a 50% interest in Elwood Energy LLC up until this point. The additional acquisition interest will result in 100% holdings by the limited partnership of J-POWER and John Hancock. Please note that the acquisition process will be completed upon customary approvals by the US regulatory authorities.
The Elwood Power Plant is located within PJM*1, one of the most reliable electricity markets in the US. This acquisition is in line with J-POWER's business direction in North America, which is to develop and invest in highly qualified power generation assets. J-POWER will continue exploring opportunities for expanding its business in North America.
Upon this acquisition, J-POWER's North American investment will span over 10 projects with an owned capacity of approximately 1,800 MW.
Based on the J-POWER Medium-term Management Plan announced last year, J-POWER, by utilizing various sales forms, will eagerly pursue its path to expand the business in the US energy market, where the market is advanced in liberalization with ample business opportunities, aiming to realize the total overseas owned capacity of 10 GW by 2025.
*1: The independent system operator in the Eastern US that operates the largest wholesale electricity market in the US as well as run its electric power system. The operational region started from Pennsylvania, New Jersey and Maryland, as suggested by its name, and now extends to as far as Delaware, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, Virginia, West Virginia and the District of Columbia..
Overview of the Elwood Energy Power Plant
List of J-POWER's Overseas IPP Projects
１．Overview of the Elwood Energy Power Plant
Location | Elwood, Will County, Illinois. 50 km South West of Chicago | ||
Generation Method | Gas (Simple Cycle) | ||
Output | 1,350MW (Gas turbines: 150MW x 9 units) | ||
Fuel | Natural Gas | ||
Project Operator | Elwood Energy, LLC | ||
Customers and PPA periods | Unit | PPA | Customer |
1-4 and 9 | None | Merchant operations in PJM, a deregulated market | |
5-6 | Until August 31st 2016 | Constellation Energy Group | |
7-8 | Until August 31st 2017 | Constellation Energy Group | |
Maintenance Operator | Elwood Services Company, LLC. | ||
Location of the Power Plant
１．Name: DYNEGY INC.
２．Headquarters: Houston, Texas
３．Overview: Established in 1984. Listed on the New York Stock Exchange. The largest IPP in the US holding 35 power plants in 8 US states with a total output of 26GW. Further, it has announced its future acquisition worth approximately 9 GW (total output) from the French company, Engie.
2. List of J-POWER's Overseas IPP Projects
(Currently operational projects)
(Attachment 2)
Country/ Region | Project Name | Power Generation Method | Capacity (MW) | J-POWER Investment Ratio （％） | Owned Capacity (MW) | |
US (10 Projects) | 4,504 | 1,785 | ||||
Tenaska Frontier | Gas (Combined Cycle) | 830 | 31.0 | 257 | ||
Elwood Energy *1 | Gas (Simple Cycle) | 1,350 | 50.0 | 675 | ||
Green Country | Gas (Combined Cycle) | 795 | 50.0 | 398 | ||
Birchwood | Coal | 242 | 50.0 | 121 | ||
3 Eastern Gas Thermal Plants | Pinelawn | Gas (Combined Cycle) | 80 | 50.0 | 40 | |
Equus | Gas (Simple Cycle) | 48 | 50.0 | 24 | ||
Fluvanna | Gas (Combined Cycle) | 885 | 15.0 | 133 | ||
2 Long Island Thermal Plants | Edgewood | Gas (Simple Cycle) | 88 | 50.0 | 44 | |
Shoreham | Jet Fuel (Simple Cycle) | 90 | 50.0 | 45 | ||
Orange Grove | Gas (Simple Cycle) | 96 | 50.0 | 48 | ||
Thailand (16 Projects) | 5,947 | 3,300 | ||||
Roi-Et | Biomass (Chaff) | 10 | 24.7 | 2 | ||
Egco Cogen | Gas (Combined Cycle) | 112 | 20.0 | 22 | ||
GCC | Gas (Combined Cycle) | 110 | 49.0 | 54 | ||
SCC | Gas (Combined Cycle) | 117 | 49.0 | 57 | ||
NKCC | Gas (Combined Cycle) | 120 | 49.0 | 59 | ||
GYG | Biomass (Rubber Wood Waste) | 20 | 49.0 | 10 | ||
GPG | Gas (Combined Cycle) | 1,468 | 49.0 | 719 | ||
7 SPP | Gas (Combined Cycle) | 790 | 57.7 | 456 | ||
Nong Saeng | Gas (Combined Cycle) | 1,600 | 60.0 | 960 | ||
U-Thai | Gas (Combined Cycle) | 1,600 | 60.0 | 960 | ||
China (5 Projects) | 8,609 | 910 | ||||
Tianshi | Coal waste | 50 | 24.0 | 12 | ||
Hanjiang (Xihe / Shuhe) | Hydropower | 450 | 27.0 | 122 | ||
Gemeng | Mainly Coal | 6,019 | 7.0 | 421 | ||
Hezhou | Coal | 2,090 | 17.0 | 355 | ||
Other (5 projects) | 1,446 | 656 | ||||
Phillipines: CBK (3 projects) | Hydropower | 728 | 50.0 | 364 | ||
Taiwan: Chiahui | Gas (Combined Cycle) | 670 | 40.0 | 268 | ||
Poland: Zajaczkowo | Wind Power | 48 | 50.0 | 24 | ||
Total (6 countries) | 20,506 | 6,651 | ||||
*1 This projects increases our equity from 25% to 50% and owned capacity output from 338 MW to 675 MW.
(Projects under development)
Country / Region | Project Name | Power Generation Method | Capacity (MW) | JPOWER Investment Ratio （％） | Owned Capacity (MW) |
Indonesia | Central Java | Coal | 2,000 | 34.0 | 680 |
EPDC - Electric Power Development Co. Ltd. published this content on 31 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 August 2016 05:28:03 UTC.
Original documenthttp://www.jpower.co.jp/english/news_release/pdf/news160831_2.pdf
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