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Entergy Corp. said its units, Entergy Arkansas Inc., Entergy Louisiana and Entergy New Orleans, closed their purchase of the 1,980 MW Union Power Station located near El Dorado, Arkansas. The purchase was closed on Thursday.
The Union Power Station, which entered commercial service in 2003, is a natural gas-fired generating facility. The power plant consists of four combined-cycle, gas-fired generating units, or CCGTs, each rated at 495 MW.
In December 2014, the company announced an agreement with Union Power Partners, L.P., an independent power producer owned by Entegra TC, to buy the units to help meet increasing resource demands in the region and as part of the company’s modernization of its generating fleet. The plant purchase price is about $948.0 million ($479/kW), or about $237.0 million per unit, subject to adjustments. The purchase price is about half the cost to build a comparable new CCGT facility.
Entergy Corp. is an integrated energy company engaged primarily in electric power production and retail distribution operations.
Entergy owns and operates power plants with about 30,000 MW of electric generating capacity, including nearly 10,000 MW of nuclear power. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of about $11.5 billion and more than 13,000 employees.