ID :
35091
Thu, 12/11/2008 - 14:58
Auther :
Shortlink :
http://m.oananews.org//node/35091
The shortlink copeid
TAQA and RBS Sempra Commodities Announce Creation of TAQA Gen X Joint Venture
Abu Dhabi, Dec 11, 2008 (WAM) - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and RBS Sempra Commodities, a leading commodity company, today announced the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America.
TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of control of BE Red Oak LLC. BE Red Oak LLC holds a tolling agreement for the Red Oak power plant (Red Oak) located in Sayreville, New Jersey. The terms of the acquisition were not disclosed. The transaction is subject to various regulatory approvals, including approval from the Federal Energy Regulatory Commission. TAQA Gen X filed an application for FERC approval on November 14, 2008.
Red Oak is an 830 MW combined cycle gas turbine power plant which is located within the PJM Interconnection, L.L.C., region. TAQA Gen X will not own or operate the plant. Operations will continue to be run by AES Red Oak L.L.C., a subsidiary of AES, which has operated the plant since the start of commercial operations.
TAQA's primary involvement in the joint venture will include long-term strategic decision-making, while RBS Sempra Commodities will provide trading infrastructure and expertise, manage commodity risks associated with the plant and procure the gas required to operate and dispatch the facility.
TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of control of BE Red Oak LLC. BE Red Oak LLC holds a tolling agreement for the Red Oak power plant (Red Oak) located in Sayreville, New Jersey. The terms of the acquisition were not disclosed. The transaction is subject to various regulatory approvals, including approval from the Federal Energy Regulatory Commission. TAQA Gen X filed an application for FERC approval on November 14, 2008.
Red Oak is an 830 MW combined cycle gas turbine power plant which is located within the PJM Interconnection, L.L.C., region. TAQA Gen X will not own or operate the plant. Operations will continue to be run by AES Red Oak L.L.C., a subsidiary of AES, which has operated the plant since the start of commercial operations.
TAQA's primary involvement in the joint venture will include long-term strategic decision-making, while RBS Sempra Commodities will provide trading infrastructure and expertise, manage commodity risks associated with the plant and procure the gas required to operate and dispatch the facility.
