For Immediate Release
Utility Continues to Build Renewable Energy Portfolio and Pursue Price Stability
NEWARK, Del. - NRG, the parent company of Bluewater Wind, today notified Delmarva Power it is cancelling the long-term power purchase agreement with Delmarva Power, which the parties signed in 2008 to provide Delaware customers with up to 200 megawatts of offshore wind energy.
Delmarva Power officials accepted the termination, which was allowed under the terms of the agreement, and said they would continue to support the state's long-term renewable energy goals.
"Delmarva Power and NRG worked hard to see this project come to fruition," said Gary Stockbridge, Region President for Delmarva Power. "But the inability to secure a financing partner prevents us from moving forward."
Stockbridge said Delmarva Power has put in place land-based wind projects, solar energy projects and, more recently, supported the state's effort to bring fuel-cell developer Bloom Energy to Delaware. " We have a very diverse and balanced clean energy portfolio in place and are confident that we will continue to be able to meet the goals that have been set of 25 percent by the year 2025."
Under the power purchase agreement, Bluewater Wind posted security during the development period of the contract. With the contract having been cancelled prior to Jan. 1, 2012, $2 million of that security will be credited to Delmarva Power customers.
Delmarva Power, a public utility owned by Pepco Holdings, Inc. (NYSE: POM), provides safe and reliable energy to more than 500,000 electric delivery customers in Delaware and Maryland and over 122,000 natural gas delivery customers in northern Delaware .