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10/31/2019

PPM Energy Completes Purchase of 506 MW Klamath Cogeneration Plant

PPM Energy Completes Purchase of 506 MW Klamath Cogeneration Plant

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December 5, 2007

PORTLAND, Ore. - PPM Energy, a unit of IBERDROLA RENOVABLES, announced it has completed the purchase of the 506-megawatt (MW) Klamath Cogeneration Plant from the City of Klamath Falls, Ore. The efficient, flexible combined-cycle combustion turbine plant is strategically located in Southern Oregon near the California border.

The initial purchase agreement for Klamath Cogeneration was announced in September. Since that time, regulatory approvals have been obtained, operating permits transferred and the municipal revenue bonds issued by the City to finance construction of the plant paid off. PPM has managed and operated the plant since it went online in 2001, as well as purchasing 47 percent of its energy output. In addition, PPM owns and operates the adjacent 100 MW Klamath peaking plant and the 200 MW West Valley plant in Utah for total of 806 MW of gas-fired thermal facilities.

PPM's total cost to acquire the plant was approximately $290 million, considerably below replacement cost for a combined-cycle facility. The acquisition allows PPM to fully integrate Klamath into its portfolio of gas and wind plants to serve utility customers throughout the West. The plant also provides transmission access to the key California-Oregon Border (COB) trading hub, facilitating PPM's delivery of gas, wind and combined products to high-value markets. "PPM Energy has an excellent track record operating the Klamath plant safely and efficiently," said Peter van Alderwerelt, PPM senior vice president. "Our team of 23 plant employees have been great members of the Klamath community and we look forward to continuing their tradition of safety, reliability and superior plant performance."

The City will continue to supply the plant with treated municipal wastewater for cooling, an innovative process that reduces the City's discharge to the Klamath River by some two million gallons per day. PPM will take over other contracts to supply co-generated steam to a nearby wood products manufacturing facility, as well as about 80 MW of long-term power sales contracts.

About PPM Energy

PPM Energy (www.ppmenergy.com), part of IBERDROLA RENOVABLES, has 1,993 megawatts (MW) of wind energy in operation (including 606 MW provided under power purchase agreements from third parties) as of Nov. 30, 2007. PPM Energy balances its supply portfolio with sales to wholesale customers, placing almost all of its output in long-term contracts. Major customers include the cities of Seattle, Sacramento, Eugene, Pasadena and Anaheim, as well as investor-owned utilities such as Xcel Energy and Pacific Gas & Electric Company and the federal Bonneville Power Administration. PPM Energy also creates innovative new products to meet customer needs including operations and maintenance services.

 

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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