NV Energy and Waste Management Complete Power Purchase Agreement for Landfill Energy Project in Storey County, Nevada
NV Energy (NYSE: NVE) and Waste Management (NYSE: WM) today announced a
20-year power purchase agreement for the sale of renewable energy
produced from a three-megawatt landfill gas-powered project to be
located southeast of Reno at Waste Management’s Lockwood Landfill. The
facility is expected to be generating renewable energy by late 2011.
The Lockwood Plant will use landfill gas extracted from a series of
wells at the landfill and use that gas in a state-of-the-art
turbine-generator to make renewable electricity for NV Energy customers.
Waste Management currently has 115 landfill gas-to-energy facilities
operating at its landfills throughout North America.
NV Energy’s CEO and President Michael Yackira noted that the Lockwood
Landfill project provides an environmental benefit for Nevada, as well
as a reliable and consistent renewable energy resource for customers.
"This project is noteworthy because it recovers otherwise unused
landfill gas, cleans the gas with the latest technology, and then uses
that gas as fuel to generate renewable energy for our customers,”
Yackira said.
Waste Management’s Area Vice President Alex Oseguera said, "We take a
once-wasted commodity and turn it into a long-term, reliable source of
renewable energy, which is a major environmental plus for local
communities.”
NV Energy currently has more than 1,200 megawatts of geothermal, solar,
wind, biomass, small hydro, and waste-heat recovery under contract that
are either in commercial operation or in the project development stage.
This project also helps move Waste Management toward meeting one of its
sustainability goals of doubling its renewable energy production.
The agreement is subject to the approval of the Public Utilities
Commission of Nevada.
About NV Energy
Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding
company whose principal subsidiaries, Nevada Power Company and Sierra
Pacific Power Company, are doing business as NV Energy.
Serving a
combined 54,500-square-mile service territory that stretches north to
south from Elko to Laughlin, NV Energy provides a wide range of energy
services and products to approximately 2.4 million citizens of Nevada as
well as approximately 40 million tourists annually.
For more
information, visit www.nvenergy.com
About Waste Management
Waste Management, based in Houston, Texas, is the leading provider of
comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. The company is the largest
residential recycler and a leading developer, operator and owner of
waste-to-energy facilities in the United States. Customers include
residential, commercial, industrial, and municipal users throughout
North America. To learn more visit www.wm.com
or www.thinkgreen.com.
These statements contain forward-looking statements regarding the future
performance of NV Energy, Inc., and Nevada Power Company d/b/a NV Energy
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are subject to a variety of risks and
uncertainties that could cause actual results to differ materially from
current expectations. These risks and uncertainties include, but are not
limited to, risks related to regulatory approval and permitting, and
risks related to construction of the project. Additional cautionary
statements regarding other risk factors that could have an effect on the
future performance of NV Energy, are contained in the Annual Reports of
NV Energy, Inc. and Nevada Power Company d/b/a NV Energy on Form 10-K
for the year ended December 31, 2009 filed with the SEC. NV Energy
undertakes no obligation to release publicly the result of any revisions
to these forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
