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American Electric Power has signed a deal with Dow Chemical toconstruct a new gas-fired cogeneration plant to be located on thesite of Dow’s Plaquemine, LA, chemical complex. The 900 MW plantwill provide both electricity and steam to power the complex thatpreviously supplied its own power. “The power plant will enable Dowto be more energy efficient in producing over 50 different productsat our 23 units and allow us to grow to meet the needs of ourcustomers,” explained Chris Mudd, Dow’s Energy Commercial Managerfor Louisiana. The project is expected to begin construction in2001, with a fully operational date set for 2002. AEP will buildthe facility, but Dow will take over the day-to-day operations ofthe plant. A majority of the power will be used by the Dow complexwith the remaining energy being sold to area customers underlong-term contracts by AEP.
Shareholders of PECO Energy approved the company’s proposed mergerwith Unicom Corporation of Chicago. Pending Unicom shareholderapproval at their annual meeting today and further regulatoryapprovals, the merger will create a new holding company, to be calledExelon Corp. It will be one of the largest electric utilities in thenation, with five million customers, annual revenues in excess of $12billion, and combined assets of $36 billion (see Daily GPI, Sept. 24, 1999). “By combining our twocompanies, we achieve enhanced competitive advantages in all threebusiness segments-generation, energy delivery and enterprises -through size, geographic presence and savings estimated to be $100million in the first year of operation, growing to $180 million by thethird year,” said Peco CEO Corbin A. McNeill Jr.
MidAmerican Energy Holdings Company’s Cal Energy Generation isplanning to construct a 500 to 600 MW natural gas-fired power plantto be located in Outagamie county, WI. Ground-breaking is expectedto begin in July 2001, with the plant fully operational in themiddle of 2003. The estimated cost of the project is $200 million.”With this plant’s strategic location, we are confident that thisinvestment will contribute towards enhanced reliability of low-costpower in the region and should reduce Wisconsin’s reliance onimported energy,” said Robert Silberman, president of CalEnergyGeneration.
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