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Atlantic Power announces new contracts with SDG&E

Atlantic Power Corp. announced new seven-year power purchase tolling agreements, or PPTAs, with San Diego Gas & Electric Co. for the output of two facilities totaling 86.6 MW.

According to an Aug. 1 company release, the Naval Station Energy Facility on Naval Base San Diego will supply 48 MW while the North Island Energy Facility on Naval Base Coronado will supply 38.6 MW. Together with the 25-MW Naval Training Center, the facilities have existing power contracts with the Sempra Energy subsidiary that are set to expire in December 2019.

The projects also have a contract to supply steam to the U.S. Navy in exchange for leasing the property. Since the contract will end in February 2018, Atlantic Power is working to retain control of the two sites beyond the expiration date.

"In late May, we submitted detailed proposals in the second round of the solicitation under which the U.S. Navy is seeking to address its need for energy security and resiliency at the two naval bases. In addition to the approval of the California Public Utilities Commission, a positive outcome in this solicitation is required for the Company to proceed under the new PPTAs," said Joe Cofelice, executive vice president for commercial development of Atlantic Power.

Atlantic Power and SDG&E also entered into resource adequacy contracts for the facilities, agreed to terminate the existing power contracts and allow the new PPTAs to start as early as February 2018. These are subject to the approval of the CPUC and Atlantic Power's retention of site control.

For 2017, Atlantic Power expects about $16 million of project adjusted EBITDA from Naval Station and North Island on a combined basis, and approximately $4 million from the Naval Training Center. The company is pursuing contractual arrangements for the Naval Training Center for 2019 and beyond.