Adding to its portfolio of energy management services clients, Cinergy Corp. on Tuesday said its marketing and trading affiliates will provide a number of services for generating facilities located in the Southeast that were recently sold by Duke Energy to KGen Power LLC. Terms of the services agreement were not disclosed.
The agreement between KGen and Cinergy covers 5,325 MW of natural gas-fired generation at eight facilities. Cinergy will provide KGen with power management services, such as trading, origination, scheduling, transmission and ancillary services. It will also provide fuel management services, such as natural gas trading, optimization, and hedging for the facilities.
KGen, a subsidiary of the MatlinPatterson Global Opportunities Partners II, acquired the facilities from Duke Energy North America on Aug. 8, 2004 (see Power Market Today, Aug. 6). Cinergy reached a three-year energy management agreement with KGen on Aug. 17.
“We are pleased that another major power provider has chosen Cinergy to supply energy management services,” said Michael J. Cyrus, executive vice president of Cinergy and CEO of commercial businesses. “Our physical energy platforms, trading presence and reputation for customer service make us a unique partner for firms such as KGen that have acquired generating assets.”
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