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SoCalEd Begins Plant Auction
Southern California Edison has begun auctioning its 12 gas- and oil-fired generation plants. The plants boast an operating capacity of about 10,000 MW and a combined value of about $700 million.
The auction is being conducted in two phases. The first phase began Aug. 5, when SoCalEd sent out a confidential offering memo for its five "non-must-run" plants. The second phase took place in late August, when SoCalEd auctioned "must-run" plants. The designation as a must-run plant was made by the independent system operator, which determines the plants that must run to ensure grid reliability.
SoCalEd will still own and operate its hydroelectric plants and the San Onofre nuclear power plant. It also won't sell its portion of the Palo Verde nuclear plant in Arizona and the Mojave and Four Corners coal plants in Nevada and New Mexico, respectively. (em LAB
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