Sempra Energy (SRE)

[tp2rla]

New Orleans passes resolution
in support of Crescent City Power

Today, the Board of Commissioners at the Port of New Orleans passed a resolution in support of Crescent City Power, Sempra Generation’s proposed 1,250-megawatt natural gas-fired power project. This endorsement signals support for the project, which will provide the city of New Orleans with a clean, reliable, safe, competitive and cost-effective power option.

“The project will bring many economic benefits to the community,” says Deborah Reyes Castro, project development manager for Crescent City Power. “The plant would employ more than 300 construction workers over two years and up to 35 full-time positions. The company will also pay about $215 million in property taxes during the 30-year life of the project.”

The project would supply enough power for about 750,000 area homes.

Agreements ahead
Generation signed a three-year, property-option agreement with the port in June 2004. The lease will become final once all permits and power-purchase agreements are in place. Generation is also talking with Entergy New Orleans, and the Louisiana Board of Commissioners has urged Entergy New Orleans to think about using Crescent City Power to meet its energy needs.

2008 start date
Generation will build Crescent City Power at the Port of New Orleans, close to the Mississippi River and Intercoastal Waterway. Construction could begin as early as this year, with an operational start date of 2008.