Puget Sound Energy to Buy Gas-Fired Power Plant in Washington

Puget Sound Energy has announced plans to purchase a 310MW natural-gas-fired power plant in southwest Washington as part of its long-range initiative for meeting customers’ growing electricity needs.

PSE has signed an agreement to buy the nine-month-old Mint Farm facility in Longview, Washington, from Minnesota-based Wayzata Opportunities Fund, an investment fund managed by Wayzata Investment Partners. The planned $240 million transaction is expected to close by the end of 2008.

The Longview facility employs combined-cycle technology that allows it to generate electricity using both a natural gas cycle and steam from the power-generating turbines’ exhaust heat. The process reportedly boosts operating efficiency, lowers fuel costs, and cuts air emissions.

Kimberly Harris, executive vice president and chief resource officer of Puget Sound Energy, said: “This plant gives us another cost-effective, environmentally friendly source of power for ensuring that our growing region has reliable energy service. Clean-burning, natural gas-fired power generation is a good complement to the renewable-energy resources we’re steadily adding to our portfolio.”