ATLANTA, Sept. 1, 2016 /PRNewswire/ -- Southern
Company subsidiary Southern Power today announced its agreement to
acquire the Mankato Energy Center from Calpine Corporation, subject
to customary closing conditions. Located in Mankato, Minnesota, the center will include
two natural gas units – the existing 375-megawatt (MW) Mankato
Energy Center I and the 345-MW Mankato Energy Center II expansion,
which is under development. When complete, the Mankato Energy
Center will represent 720 MW of generating capacity.
"Southern Power remains committed to the strategic development
of a diverse generation mix, and the Mankato Energy Center is an
excellent fit for Southern Power's business model," said Southern
Power President and CEO Buzz Miller. "We are proud to serve this
region and look forward to expanding the output of the
facility to meet the needs of our customers."
Mankato Energy Center I is a natural gas-fired, combined-cycle
facility contracted with Northern States Power, a subsidiary of
Xcel Energy Inc., through 2026. The Mankato Energy Center II
expansion is expected to be operational by June 2019 to serve an additional 20-year power
purchase agreement with Northern States Power.
With the addition of the Mankato Energy Center, Southern Power
will own 10 combined-cycle and combustion-turbine natural
gas-fueled power plants across five states, representing 9,300 MW
of generating capacity operating or under development. The project
represents Southern Power's first generating asset within the
Midcontinent ISO (MISO).
About Southern Power
Southern Power, a subsidiary of
Southern Company, is a leading U.S. wholesale energy provider
meeting the electricity needs of municipalities, electric
cooperatives, investor-owned utilities and other energy customers.
Southern Power and its subsidiaries own or have the rights to 41
facilities operating or under construction in 11 states with more
than 11,700 MW of generating capacity in Alabama, California, Florida, Georgia, Maine, Minnesota, Nevada, New
Mexico, North Carolina,
Oklahoma and Texas.
About Southern Company
Southern Company (NYSE: SO) is
America's premier energy company, with 44,000 megawatts of
generating capacity and 1,500 billion cubic feet of combined
natural gas consumption and throughput volume serving 9 million
electric and gas utility customers through its subsidiaries. The
company provides clean, safe, reliable and affordable energy
through electric utilities in four states, natural gas distribution
utilities in seven states, a competitive generation company serving
wholesale customers across America and a nationally recognized
provider of customized energy solutions, as well as fiber optics
and wireless communications. Southern Company brands are known for
excellent customer service, high reliability and affordable prices
that are below the national average. Through an industry-leading
commitment to innovation, Southern Company and its subsidiaries are
inventing America's energy future by developing the full portfolio
of energy resources, including carbon-free nuclear, 21st
century coal, natural gas, renewables and energy efficiency, and
creating new products and services for the benefit of
customers. Southern Company has been named by the U.S.
Department of Defense and G.I. Jobs
magazine as a top military employer, recognized among the Top 50
Companies for Diversity by DiversityInc, listed by Black Enterprise
magazine as one of the 40 Best Companies for Diversity and
designated a Top Employer for Hispanics by Hispanic Network. The
company has earned a National Award of Nuclear Science and History
from the National Atomic Museum Foundation for its leadership and
commitment to nuclear development and is continually ranked among
the top utilities in Fortune's annual World's Most
Admired Electric and Gas Utility rankings. Visit our website at
www.southerncompany.com.
Cautionary Notes Regarding Forward-Looking
Statements:
Certain information contained in this release is
forward-looking information based on current expectations and plans
that involve risks and uncertainties. Forward-looking information
includes, among other things, statements concerning the
construction and subsequent operation of the Mankato Energy
Center. Southern Company and Southern Power caution that
there are certain factors that can cause actual results to differ
materially from the forward-looking information that has been
provided. The reader is cautioned not to put undue reliance on this
forward-looking information, which is not a guarantee of future
performance and is subject to a number of uncertainties and other
factors, many of which are outside the control of Southern Company
and Southern Power; accordingly, there can be no assurance that
such suggested results will be realized. The following factors, in
addition to those discussed in each of Southern Company's and
Southern Power's Annual Reports on Form 10-K for the year ended
December 31, 2015, and subsequent
securities filings, could cause actual results to differ materially
from management expectations as suggested by such forward-looking
information: the ability to control costs and avoid cost overruns
during the development and construction of generating facilities,
to construct facilities in accordance with the requirements of
permits and licenses, and to satisfy any operational and
environmental performance standards, including the requirements of
tax credits and other incentives; the failure to receive, on a
timely basis or otherwise, the required approvals by government or
regulatory agencies (including the terms of such approvals); the
risk that a condition to closing of the transaction may not be
satisfied; the possibility that the anticipated benefits from the
transaction cannot be fully realized or may take longer to realize
than expected; and potential business strategies, including
acquisitions or dispositions of assets or businesses, which cannot
be assured to be completed or beneficial to Southern Company or
Southern Power. Southern Company and Southern Power expressly
disclaim any obligation to update any forward-looking
information.
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SOURCE Southern Company