Southern Company subsidiary and Wärtsilä sign agreement to develop flexible gas power plant projects
ATLANTA, June 30, 2017 /PRNewswire/ -- Today, Southern Company subsidiary Southern Power and Wärtsilä, a leading supplier of flexible generation technology, signed a Memorandum of Understanding to develop two flexible gas power plant projects, which could be as large as 450 megawatts (MW) each. Southern Power will lead this effort.
"Renewables are an important part of a diverse energy mix, and flexible generation complements the rapid growth of intermittent renewables," said Southern Power President and CEO Buzz Miller. "This agreement is an early stage in a lengthy process, but we believe this technology could be an excellent solution for our customers and for many others in the marketplace that we hope to serve through this relationship."
Southern Power is a leader in the development, installation and operation of electric power facilities and has a proven track record of operational reliability and safety. The development of flexible gas power plant projects would align with the company's overall business strategy of strengthening its wholesale business through acquiring and constructing generating assets that are substantially covered by long-term contracts with creditworthy counterparties.
"In the USA we are seeing a large demand for flexible generation and Wärtsilä provides the most efficient and fastest starting solution making this the ideal investment for customers to serve the need for flexibility. We are excited to be teaming with Southern Power, a leader in the development, installation and operation of electric power facilities with a proven track record of operational reliability and safety," said President at Wärtsilä Energy Solutions President Javier Cavada.
Today, Southern Power continues to strategically grow its portfolio of more than 12,600 MW through the acquisition and development of clean energy solutions. The company owns and operates 10 combined-cycle and combustion-turbine natural gas-fueled power plants that generate more than 9,000 MW across five states. Additionally, the company owns more than 3,000 MW of renewable generation.
After contracts signed with the cities of Denton and Tallahassee over the past 12 months, Wärtsilä continues to grow its footprint in the USA. The current installed base, including projects under construction, is more than 3,000 MW. Globally, Wärtsilä's installed power plant base is 63 GW in 176 countries.
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Cautionary Notes Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the expected development of power plant projects. Southern Company and Southern Power caution that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in each of Southern Company's and Southern Power's Annual Reports on Form 10-K for the year ended December 31, 2016, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability to control costs and avoid cost overruns during the development and construction of generating facilities, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or Southern Power. Southern Company and Southern Power expressly disclaim any obligation to update any forward-looking information.
SOURCE Southern Company
For further information: Southern Company Media Relations: 404-506-5333 or 1-866-506-5333, www.southerncompany.com; or Mikael Backman, Regional Director, US & Canada, Wärtsilä Energy Solutions, Tel: +1 281-224-2920, email@example.com