May brought significant growth and development from competitive power suppliers in delivering reliable, sustainable, and cost-effective electricity to customers. From bp’s TravelCenters of America purchase adding new EV charging opportunities to LS Power’s acquisitions of multiple essential natural gas plants, our members are helping ensure the energy transition moves ahead in a way that keeps consumers and their power safe, cost-effective, and reliable while advancing towards a cleaner future.
bp and Vistra Corp. Power Through First Quarter
bp reported a strong first quarter, with CEO Bernard Looney saying, “This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations.” Looney also spoke with private investment firm the Carlyle Group’s co-founder David Rubenstein on the energy trilemma and ways bp is approaching the threefold goal of reliable, affordable, and lower carbon energy, in addition to weathering the recent challenges brought on by the war in Ukraine, extreme weather events threatening reliability, and more. According to Looney, bp’s zero carbon investment has grown “from 3% to 30% in three years.” Additionally, bp announced the completion of its purchase of TravelCenters of America, which includes growth opportunities for competitive EV charging.
Vistra Corp. also reported a strong first quarter and published its 2022 Sustainability Report. In a statement, President and CEO Jim Burke expressed excitement and optimism at the growth of Vistra’s zero-carbon portfolio—in particular, with the forthcoming acquisition of Energy Harbor, which was announced earlier this year. Vistra is also expanding its Moss Landing Energy Storage Facility in California. This 350 MW expansion will bring the site’s total capacity to 750 MW/3,000 MWh – the largest battery storage system in the world.
LS Power Builds on Dispatchable Portfolio
LS Power announced its acquisition of three natural gas generation projects in the North region of Texas from Brazos Electric Power Cooperative, which will add nearly 2.2 GW of natural gas-fired generation to its portfolio. Jack County, with 1,297 MW, Johnson County, with 280 MW, and RW Miller with 568 MW in Palo Pinto County. According to POWER Magazine, LS Power said both the Johnson County and RW Miller projects “are dual-fuel resources with significant on-site fuel oil storage that provides important fuel security during periods of gas scarcity, while Jack County benefits from firm gas transport as well as firm storage arrangements.”
ECP Subsidiary Brings 57 MWh Battery Capacity to Orange County, FL
Energy Capital Partners’ subsidiary, Convergent Energy & Power, powered on a new battery storage system in Florida with Orange & Rockland Utilities where, with an additional 12 MW/57 MWh of capacity, it will bolster reliability, sustainability, and cost-savings to 7,500 customers in Orange County—the first non-wires alternative project of its kind there. In its press release, Convergent COO and CFO Frank Genova stated, “Convergent is powering the clean energy transition through AI-powered energy storage, which is critical to a more sustainable, cost-effective and reliable electric grid. O&R’s decision to add battery storage demonstrates their commitment to their customers, their preparedness and strategic planning, and their willingness to embrace contemporary solutions to meet increasing demands on our energy infrastructure.”
From building exciting new electric generation resources to uplifting communities, EPSA member companies continue to lead the energy expansion. Because competitive power suppliers follow market signals to improve operations and efficiency, as well as to decide when to retire older power generation technology and invest in newer, more cost-effective and cleaner approaches, EPSA member companies are uniquely positioned to lead investment in new technology and innovative solutions. Since the creation of competitive electricity markets over twenty years ago, competitive power suppliers have driven progress for energy customers and the environment.
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