Briefly

PSEG Power Terminates Sale of Odessa Facility, Seeks New Buyer

PSEG Power LLC announced that it has terminated the previously announced Purchase and Sale Agreement with High Plains Diversified Energy Corporation (HPDEC) for PSEG's 1,000 MW gas-fired Odessa generation facility in Texas, as HPDEC could not obtain the anticipated financing. The Purchase and Sale Agreement was for a $335 million purchase price. PSEG Power continues to pursue the sale of Odessa with a goal of closing later this year.

PPL Reports Price for Solar REC Procurement

PPL Electric Utilities' 2011 solicitation for solar renewable energy credits required for default service resulted in an average price of $149 per solar renewable credit. PPL Electric Utilities will purchase 25,500 solar renewable energy credits with delivery beginning December 2011 for a period of 8.5 years. The company received 20 bids from qualified suppliers.

ERCOT Corrects Reserve Margin Forecast

ERCOT has issued corrected capacity figures for its recent summer assessment of capacity, demand, and reserves, to eliminate the double counting of 565 MW associated with three new gas units, which results in revised reserve margin projections. The updated data is available here. ERCOT's revisions do not project a reliability violation any earlier than originally reported (2014), and the 2013 projected reserve margin is now 14.2%.