Entergy (ETR) Gets Nod To Build Power Plant In Louisiana
Zacks Investment Research | Nov 17, 2016 08:52PM ET
Entergy Corporation (NYSE:ETR) has received an approval from the Louisiana Public Service Commission ("LPSC") to construct a natural gas-fired, combined-cycle power plant in St. Charles Parish.
Details of the Approval
With the LPSC vote, Entergy Louisiana can now start the construction of the 980-megawatt ("MW") unit in Montz, around 30 miles from New Orleans. The plant is scheduled to begin commercial operations by Jun 2019. The cost of building the plant, including transmission and other project-related expenses, is approximately $869 million.
Benefits of the Plant
This plant will offer a reliable source of clean and affordable energy that will duly satisfy customer demand and help drive economic growth in southeast Louisiana. It is also expected to facilitate sustainable reliability of the electric grid and ease the process of repairing the same after major storm events that hamper the transmission system.
The St. Charles Power Station, once built, will be one of the cleanest fossil fuel-fired units in Entergy Louisiana's generation fleet. Throughout the expected 30-year life of the unit, customers are projected to save over $1.3 billion, which will exceed the project's construction cost by 10 years.
According to an analysis by Louisiana economist, Dr. Loren Scott, during the plant's construction phase, an estimated 2,000 direct and indirect jobs will be generated annually across the state. It is also expected to boost Louisiana business sales by $1.4 billion and household earnings by $476.8 million.
Notably, Entergy Louisiana decided to build the unit after evaluating all other options submitted through a 2014 request for proposals for power resources to cater to southeast Louisiana. An independent monitor supervised the procurement and selection process, which was conducted after discussing with the LPSC staff.
ENTERGY CORP Price
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.