BP Alternative Energy Acquires Whiting Clean Energy Facility
Posted on: Wednesday, 2 July 2008, 09:00 CDT
BP Alternative Energy has acquired the Whiting Clean Energy facility, a 525MW natural-gas fired combined-cycle cogeneration power plant located in Whiting, Indiana, for $210 million from NiSource.
The Whiting Clean Energy facility reportedly provides an efficient and consistent source of steam for BP's Whiting refinery. The acquisition also offers BP the opportunity to sell low-carbon power into the local power market.
BP has received all necessary approvals from regulatory authorities including consents from the Federal Energy Regulatory Commission and the Federal Trade Commission, and has taken over the day-to-day operational control of the plant. No staff reductions are expected as a result of the acquisition.
BP has purchased Whiting Clean Energy after exercising its right of first refusal with NiSource. According to the company, the investment is consistent with BP's strategy of owning cogeneration projects that enhance energy efficiency and minimize global emissions.
Bob Malone, BP America president and chairman, said: "BP's purchase of the Whiting Clean Energy facility will enhance the efficiency of our Whiting refinery and serve as a reliable source of energy for the US Midwest."
Source: Datamonitor
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