Due to a need to sell power on the open market due to an impending loss of long-term contract business, Pacific Crest Power LLC applied Dec. 12 at the Federal Energy Regulatory Commission for market-based rate authority.
The company owns a 46.8-MW wind facility located in Kern County, California. It is a qualifying facility (QF) under the Public Utility Regulatory Policies Act of 1978 (PURPA). All of the output from the facility is sold under three long-term power purchase agreements (PPAs) that were in effect as of March 17, 2006. However, two of the existing PPAs will expire on Jan. 31, 2015, at which point the energy and capacity previously sold under those PPAs will be sold on a merchant basis into the wholesale market.
In order to allow Pacific Crest to continue to sell the entire output from the facility without interruption upon expiration of the two PPAs, the company asked for a FERC approval by Jan. 30, 2015.
The facility is interconnected to the transmission system owned by Southern California Edison (SCE) and operated by the California Independent System Operator. The entire output of the facility currently is committed to SCE under the three long-term PPAs.
Pacific Crest currently is an indirect wholly-owned subsidiary of Tehachapi Wind Power Holdings LLC, which is indirectly owned by TGP Wind Partners LLC. All of the Class A managing membership interests in TGP Wind are indirectly owned by Terra-Gen Power Holdings LLC, which has day-to-day management control. All of the Class B non-managing membership interests in TGP Wind are directly owned by Citicorp USA Inc., which is a wholly-owned subsidiary of Citigroup Inc.
A company contact is: Michael Kowal, Associate General Counsel, Terra-Gen Power LLC, 1095 Avenue of the Americas, 25th Floor, Suite A, New York, NY 10036, Tel: (646) 829-3918, email@example.com.