Business
NV Energy to Purchase Power from Central Nevada Geothermal Plant
NV Energy to Purchase Power from Central Nevada Geothermal Plant
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n\n\n\nFeb. 10, 2010 (Canada NewsWire Group) -- LAS VEGAS, Feb. 10 /CNW/ -- NV Energy (NYSE: NVE) announced today that it has signed a 20-year power purchase agreement with a subsidiary of Ram Power Corporation (TSX: RPG) for energy that will be produced by a new geothermal power plant under development in central Nevada. The 32-megawatt Clayton Valley Geothermal Project is expected to be generating electricity by 2014.Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.The generating plant is being developed on one of five geothermal leases that Ram Power has acquired from the Bureau of Land Management in Esmeralda County, approximately halfway between Reno and Las Vegas. According to the developer, Clayton Valley has sufficient geothermal resources to produce up to 160 megawatts of electricity, which is enough to serve up to 96,000 households. The project will be developed and operated by Ram Power subsidiary Clayton Valley 1, LLC.\"We're pleased to add more clean renewable energy to our supply portfolio and to expand our use of geothermal power,\" said NV Energy President and Chief Executive Officer Michael Yackira. \"The advantage of geothermal energy is that it's available for our customers around the clock.\"NV Energy currently has more than 1,000 megawatts of geothermal, solar, biomass, hydro, waste-heat recovery and wind energy under contract or in the project development stage.\"Based on the 25 years of geothermal project development that Ram Power management has enjoyed in Nevada, we look forward to a successful project and the start of a new era in geothermal power generation in the state,\" said Ram Power Chief Executive Officer Hezy Ram. \"We anticipate the project will be eligible for various federal and state tax incentives once completed.\"About NV EnergyHeadquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company with principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, doing business as NV Energy. Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually. For more information, visit www.nvenergy.com.About Ram Power CorporationRam Power is a rene...