Delta Person LP told the Federal Energy Regulatory Commission that a buy of the company and its gas-fired power plant by Public Service Co. of New Mexico (PNM) should close on or around Sept. 15.
Delta in a July 17 filing asked FERC to cancel FERC Rate Schedule No. 1 and the 1996 Power Purchase Agreement (PPA) between Delta Person (as successor-in-interest to Cobisa-Person LP) and PNM.
Delta Person, Delta Person GP LLC, BHB Power LLC and PNM on Feb. 26 received commission approval for PNM to purchase all the partnership interests in Delta Person, transfer ownership of its facilities to PNM. Because the exact purchase closing date cannot be identified with complete certainty, Delta Person asked the commission to issue an order permitting the cancellation to become effective upon the closing date with a provision for notification to the commission within 10 days of the actual closing date.
Delta Person is owned 99.99% by BHB Power, as a limited partner, and 0.01% by Delta Person GP, as a general partner. Delta Person is a single purpose entity that owns and operates as its sole business activity the Delta Person facility, which is a 132-MW natural gas-fired facility located near Albuquerque, N.M. Delta Person is an exempt wholesale generator and has market-based rate authority for the PPA with PNM.
“As is stated in the FPA Section 203 application for Commission authorization of the Transaction, immediately upon consummation of the Transaction, anticipated to be on or about September 15, 2013, PNM will transfer direct ownership of the Delta Facility to itself, terminate the PPA, and incorporate the Delta Facility into its fleet of generating facilities,” Delta Person said. “PNM also will eventually dissolve Delta Person, which will no longer conduct any activity pursuant to its market-based rate authority.”