BETHESDA, Md., Sept. 11, 2000 PG&E Corp.'s National Energy Group has executed contracts to secure 50 turbines representing a development portfolio of approximately 16,000 megawatts of electric power. The contracts include four 7FA and 19 7FB turbines from GE Power Systems, as well as 21 Mitsubishi MHI 501G turbines and six Siemens Westinghouse SW 501G turbines.
The turbines will be deployed nationally to support the company's greenfield development projects. Most of the turbines will be funded through a creative off-balance sheet financing arranged by Soci
"These purchase agreements indicate our dedication to our overall growth strategy," said Thomas Boren, PG&E National Energy Group president and CEO. "With a substantial turbine procurement program, our commitments to satisfying regional energy needs and meeting our development goals are well underway."
The contracts mark PG&E National Energy Group's largest turbine commitment to date and diversifies its turbine portfolio. Delivery of the turbines is scheduled through 2004.
"We are greatly diversifying our marketing and generation presence across the country," said Boren. "As we strengthen our foothold nationally with projects to meet critical market needs, we achieve a three-way win: value for our shareholders, confidence for our customers, and reliability for consumers."