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Delmarva Power, NRG Bluewater Wind Agree to Contract Extensions

Tuesday, August 03, 2010

Amended Contract Extends In-Service Date by Two Years

NEWARK , Del. – Delmarva Power announced today that it has filed a request with the Delaware Public Service Commission to approve an amended agreement with NRG Bluewater Wind that extends the guaranteed delivery date for power from the planned offshore wind park by two years.

If approved by the Delaware Public Service Commission, the new deadline for NRG Bluewater Wind to install and begin operating the wind farm would be Dec. 1, 2016. It previously was set at Dec. 1, 2014. The original agreement was signed and announced on June 23, 2008.

“While we fully expect to have the Mid-Atlantic Wind Park built and online before 2016, this amendment simply adjusts the timeline for circumstances beyond our control,” said Peter Mandelstam, President, NRG Bluewater Wind, who cited the federal government’s reconstitution of the Minerals Management Service as the Bureau of Ocean Energy Management, Regulation and Enforcement, and potential delays in the federal permitting process that could impact the construction timeline.

“This is a leading-edge project and we understand the challenges,” said Gary Stockbridge, President, Delmarva Power Region. “The state has expressed a strong interest in this offshore wind project and we are committed to seeing it come to fruition. To reach that goal, we want to provide NRG Bluewater Wind with the additional time it needs.”

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Delmarva Power, a public utility owned by Pepco Holdings, Inc. (NYSE: POM), provides safe and reliable energy to nearly 500,000 electric delivery customers in Delaware and Maryland and over 123,000 natural gas delivery customers in northern Delaware.