JERA Co., Inc. ("JERA") will participate in a natural gas-fired thermal power generation project in New York State through the project’s operating company.
The operating company, Cricket Valley Energy Center, will construct a natural gas-fired combined cycle power generation plant with a power generation capacity of 1,100 MW in Dover, Dutchess County, New York, targeting commencement of commercial operations in 2020. The power produced will be sold on the wholesale electricity market in New York.
JERA acquired an equity stake of approximately 44% in the operating company, becoming its largest investor, and will be a lead contributor to drive the project forward utilizing its expertise in power plant construction and operational know-how accumulated through participation in the overseas IPP business.
In July 2016, JERA succeeded to Chubu Electric Power Company and TEPCO Fuel & Power overseas power generation projects. This is the first new power generation project outside of Japan in which JERA will take part.
Going forward, JERA will continue to be proactive in expanding its overseas power generation business, taking into account market trends, profitability, and risk, and in applying the know-how gained overseas to its domestic power generation business in order to further enhance corporate value.