ATLANTA, Oct. 27, 2016 /PRNewswire/ -- Southern
Company subsidiary Southern Power today announced it has completed
the acquisition of the Mankato Energy Center from Calpine
Corporation. Located in Mankato,
Minnesota, the facility includes 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.
"The Mankato Energy Center is an excellent fit for Southern
Power's business model and will be a strong addition to our
generation portfolio," said Southern Power President and CEO Buzz
Miller. "We look forward to serving this region and expanding our
partnerships in the Midwest."
With the addition of the Mankato Energy Center, Southern Power
owns 10 combined-cycle and combustion-turbine, natural gas-fired
power plants across five states, representing 9,300 MW of
generating capacity operating or under construction.
Mankato Energy Center I is a natural gas-fired, combined-cycle
facility contracted with Xcel Energy-Minnesota 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 Xcel Energy-Minnesota. When
complete, the Mankato Energy Center will represent 720 MW of
generating capacity.
The Mankato Energy Center fits Southern Power's business
strategy of growing its wholesale business through the acquisition
and construction of generating assets substantially covered by
long-term contracts. The facility 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 II expansion. 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; 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