CPS Energy has agreed to pay roughly $1.4 billion to PROENERGY for four natural gas power plants in Harris, Brazoria, and Galveston counties, with the company continuing to maintain and run the units.
It is part of San Antonio’s municipally owned utility’s overall aim to manage energy demand by acquiring relatively new plants rather than developing newer units.
“By acquiring recently constructed, currently operating modern power plants that utilize proven technology already in use by CPS Energy, we avoid higher construction costs, inflationary risk, and long timelines associated with building new facilities – while also enhancing the reliability and affordability of the CPS Energy generation portfolio,” stated Rudy Garza, CPS Energy’s president and CEO.
CPS invested in natural gas plants in Corpus Christi and Laredo last year as part of this approach.
CPS stated that the most recent additions to its portfolio can generate enough energy to cover more than a quarter of its peak demand.
“We are getting the best of both worlds by securing new infrastructure without delay while also strengthening the power supply for our community,” Garza told the crowd.
“As we add resources to meet the needs of our fast-growing communities, we will continue to look to a diverse balance of energy sources that complement our portfolio, including natural gas, solar, wind, and storage, keeping our community powered and growing.”
