PG&E cancels solar power contract with BrightSource Energy

Hidden Hills solar BrightSource Energy

Pacific Gas & Electric Co. (PG&E, NYSE: PCG) and BrightSource Energy Inc. have mutually agreed to cancel power purchase agreements because of concerns about transmission upgrades, according to a report from Bloomberg.

PG&E had been planning to buy power from BrightSource’s planned 250 MW Hidden Hills solar-thermal power plants, according to the report. The plans for the purchase of the power were canceled on the same day BrightSource asked regulators to suspend permitting for the $2.7 billion project.

A spokesperson for BrightSource told Bloomberg the contracts were terminated because of “uncertainty around the timing of transmission upgrades.” This is the second time this year BrightSource has announced a contract cancellation, according to the report. In January, Edison International (NYSE: EIX) and BrightSource mutually terminated an agreement for the Rio Mesa 2 project, also in California.

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