Pacific Gas and Electric started its second auction of electricgenerating plants in Northern California, placing four gas-firedpower plants and the company’s geothermal facilities on the blockthis week. The auctions are in support of California’s move towardfull competition in the energy utility industry.
The auction will include the Contra Costa (680 MW) and Pittsburg(2,022 MW) power plants in Contra Costa County, Hunters Point (423MW) and Potrero (363 MW) power plants in San Francisco, and TheGeysers (1,224 MW), a geothermal power plant in Lake and Sonomacounties. These assets have a combined generating capacity of 4,712MW. In the first auction late last year, Duke Energy Power Servicessuccessfully bid $501 million for three PG&E electricgenerating plants. The CPUC approved that sale Dec. 16.
During the initial stage of the auction, potential bidders willbe invited to submit non-binding indications of interest for one ormore plants by June 8. A selected group of bidders will then beinvited to submit offers by Sept. 11. The combined book value ofthe five plants offered in the second auction is $850 million.
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