JACKSON, Miss., Oct. 31, 2019 /PRNewswire/ -- Entergy Mississippi, LLC has closed its purchase of the 810-megawatt Choctaw County Generating Station. The transaction represents a major step toward modernizing the electric grid and providing additional efficient, clean energy for customers.
Located near French Camp, Mississippi, the Choctaw County Generating Station entered commercial operation in July 2003. It is a clean and modern combined-cycle natural gas turbine unit, consisting of three combustion turbines, a steam turbine and an air-cooled condenser. The plant will employ 27 people.
"Today's announcement is one more step toward modernizing our generating fleet and moves us forward in our quest to provide greater reliability, lower emissions and cost savings to our customers," said Haley Fisackerly, Entergy Mississippi president and CEO.
"It also gives us a presence in Choctaw County, and we're excited about the partnership we'll have with the local community and its leaders and look forward to working with them as a corporate partner."
In August 2018, Entergy Mississippi announced it had entered into a purchase agreement with a subsidiary of GenOn Energy, Inc., to buy the plant for $314 million, subject to certain adjustments. That amount is significantly less than the cost to build a comparable facility and provides more immediate benefits and savings for customers.
The facility's technology uses natural gas and its steam byproduct to produce clean, affordable electricity. It is also environmentally-friendly and furthers Entergy Corporation's reputation as one of the cleanest utilities in the country.
The Choctaw County Generating Station is another important milestone in Entergy's broader plan to modernize and transform the Entergy Utility's existing generation fleet. Over the past 20 years, the Entergy Utility has added approximately 8 gigawatts of clean, highly efficient generation, allowing for the deactivation of over 6 gigawatts of older, less-efficient gas or oil units.
In addition to providing reliable, cost-effective power, Entergy's investments in its generation portfolio transformation and nuclear improvements since 2000 have resulted in substantial reductions in the company's air emissions, highlighting Entergy's commitment to environmental stewardship.
The company recently stepped up its commitments again with plans to reduce utility carbon dioxide emissions rates to 50% below year 2000 levels by 2030.
About Entergy Mississippi
Entergy Mississippi, LLC provides electricity to approximately 450,000 customers in 45 counties. Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and approximately 13,500 employees.
Cautionary Note Regarding Forward-Looking Statements
In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy's plans and expectations with respect to its greenhouse gas reduction goals and strategies, and other statements of Entergy's plans, beliefs or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; and (i) the effects of technological changes and changes in commodity markets, capital markets or economic conditions; and (j) impacts from a terrorist attack, cybersecurity threats, data security breaches or other attempts to disrupt Entergy's business or operations, and other catastrophic events.
SOURCE Entergy Corporation