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France’s TotalEnergies has agreed to buy three gas-fired power plants in Texas from U.S. for $635 million, according to a Nov. 13 press release.
The plants have a total capacity of 1.5 gigawatt (GW).
The three plants, connected to ERCOT (Electric Reliability Council of Texas), consist of:
- The Wolf Hollow I plant, with a 745-megawatt (MW) combined-cycle gas turbine (CCGT) plant on the outskirts of Dallas;
- The Colorado Bend I plant with a 530 MW CCGT and a 74 MW open-cycle gas turbine (OCGT), in south Houston, which provides additional flexibility to meet high demand; and
- The La Porte site with a 150 MW OCGT in southeast Houston.
The assets will serve the fast-growing energy demand of Houston and Dallas and help offset the intermittency of renewable power production, the release stated.
TotalEnergies’ 1.5 GW additional flexible production capacity will complement its renewable capacity in Texas — currently 2 GW gross installed, 2 GW under construction and more than 3 GW under development — and strengthen its trading capabilities in the gas and power market, according to the company.
“These plants will enable us to complement our renewable assets, intermittent by nature, provide our customers with firm power, and take advantage of the volatility of electricity prices,” said Stephane Michel, TotalEnergies’ president of Gas Renewables & Power. “This acquisition will contribute positively to our profitability target of 12% ROACE by 2028 for our Integrated Power business segment.”
The transaction remains subject to approval by the relevant authorities.
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