– CPS Energy signed an agreement to purchase an additional 2% stake in the South Texas Nuclear Project (STP) from Constellation, increasing its ownership to 42%.
– The company also signed a long-term power purchase agreement (PPA) with Constellation for an additional 200MW of firm capacity, available to customers for summer 2024.
– As part of its Vision 2027 strategy, CPS Energy plans to retire 2.25GW of aging generation capacity by the end of the 2020s, while focusing on reliability and adding natural gas, solar energy, and energy storage to its generation plan.
CPS Energy, a Texas-based public power, natural gas, and electric company, has increased its ownership stake in the South Texas Nuclear Project (STP) by 2% through an agreement with Constellation. This transaction raises CPS Energy’s ownership in STP to 42%. In addition, CPS Energy has signed a long-term power purchase agreement with Constellation for an additional 200MW of firm capacity, which will benefit customers during the summer of 2024. This increase in ownership translates to 52MW of carbon-free generation for CPS Energy’s portfolio and supports the company’s Vision 2027 strategy, which includes the retirement of 2.25GW of ageing generation capacity by the end of the 2020s. CPS Energy’s President and CEO, Rudy D Garza, emphasized the importance of these additional megawatts in supporting reliability for customers. The company has also made significant investments in natural gas, solar energy, and energy storage as part of its generation plan, including the recent acquisition of three natural gas plants in Texas.