NRG could propose up to three new natural gas-fired power plants in NY

Indian Point nuclear power plant New York Entergy NRG Energy natural gas-fired power plants

NRG Energy Inc. (NYSE: NRG) has plans to propose at least one new natural gas-fired plant and potentially two others to possibly replace power generated by Entergy (NYSE: ETR)’s Indian Point nuclear power plant in New York, according to a report from Reuters.

Lee Davis, NRG Senior Vice President and Regional President, East, said NRG will definitely propose building a combined cycle natural gas-fired plant that would replace oil and gas-fired units at its 580 MW Astoria plant in New York City, according to the report. The new plant would cost up to $1.5 billion and produce between 520 MW and 1,040 MW.

Davis said NRG would also offer to add a 775 MW combined cycle natural gas-fired unit at its existing 1,139 MW Bowline oil and gas plant on the Hudson River about five miles south of Indian Point, according to Reuters. That unit would cost around $1 billion.

Finally, Davis said the company is considering proposing a new natural gas-fired plant at the site of the closed Lovett coal-fired plant on the Hudson River south of Indian Point, the report stated.

The New York Power Authority is seeking proposals for new generation sources because of the potential shuttering of the Indian Point nuclear power facility, located in close proximity to New York City. Multiple New York officials, including Gov. Andrew Cuomo, have opposed relicensing the facility because of its location. New York City Mayor Michael Bloomberg has been a supporter of the facility, however.

The 2,037 MW Indian Point facility currently provides about 25 percent of New York City’s energy supply. The New York Post, using an estimate from Consolidated Edison (NYSE: ED) and the New York Power Authority, reported closing the facility could cost electricity customers in the New York City area as much as $800 million.

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