Raser Announces 20 Year Power Purchase Agreements with City of Anaheim
Wednesday March 19, 8:45 am ET
Raser to Deliver up to 22 Megawatts of Geothermal Power
PROVO, Utah--(BUSINESS WIRE)--Raser Technologies, Inc. (NYSE Arca: RZ) announced today that the City of Anaheim, California has approved power purchase agreements (PPAs) for two of Raser’s planned geothermal power plants. Each PPA provides for the delivery by Raser of up to 11 megawatts (MW), or enough electricity to power approximately 9,000 homes, of geothermal renewable power for 20 years. Under the agreement, Raser will use reasonable commercial efforts to begin delivering electricity by December 15, 2008.
The Anaheim PPAs provide for a stated selling price with annual increases over the term of the agreement. Under the agreements, Anaheim will also pay for the “wheeling costs,” or cost for transmission of the electricity from the power plants to Anaheim.
These are the first two completed PPAs by the environmentally-focused Utah-based company. Raser is currently in various stages of negotiations with several utilities and other municipalities with respect to other agreements to purchase an additional 120 MW of power. Raser expects to complete these negotiations in 2008 and 2009.
“Anaheim is committed to the development of new energy technologies,” said Curt Pringle, Mayor of Anaheim. “This agreement with Raser is evidence of our commitment, and will help us meet the growing demand in achieving a higher standard of renewable energy use.”
“We applaud the vision and commitment of the City of Anaheim, its residents and businesses to the development and use of renewable energy,” stated Brent M. Cook, Raser’s Chief Executive Officer. “These geothermal power plants are designed to provide baseload renewable energy with virtually no harmful emissions for a combined 18,000 homes. Receiving these initial PPAs are key milestones for Raser Technologies and are important pieces of our corporate strategy.”
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