Portland General Electric (NYSE: POR) said April 28 in an earnings statement that construction on the Carty Generating Station is on schedule for this 440-MW, natural gas-fired baseload power plant located near Boardman, Ore.
The plant is expected to be placed into service during the second quarter of 2016 at an estimated cost of $450 million, excluding allowance for funds used during construction. Carty’s gas turbine and generator have been installed and the steam turbine and steam turbine generator have been shipped. Welding on the heat recovery steam generator piping is ongoing, and the construction percentage complete is approximately 50%.
In February, PGE filed a general rate case with a 2016 test year which would result in an overall price increase of 3.7% effective in 2016, primarily to recover the costs associated with Carty. The request is based on a return on equity of 9.9%, a capital structure of 50% debt and 50% equity, and rate base of $4.5 billion. PGE expects the Oregon Public Utility Commission to issue a final order with approved price changes before the end of 2015.
Portland General Electric is a vertically integrated electric utility that serves approximately 844,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon.