Cargill strikes tolling agreement with Granite Ridge Energy
Date: Dec.9, 2009
Contact:
Mark Klein, Cargill, 952-742-6211, mark_klein@cargill.com
Jim Carlton, Granite Ridge Energy, 603-432-9114
MINNEAPOLIS -- Cargill Power Markets, LLC (CPM) has entered into an energy tolling agreement with Granite Ridge Energy, LLC (GRE) for the Londonderry, NH power plant for 2010.
CPM will have marketing rights to all the power output from the plant and will be responsible for scheduling the daily power dispatch and managing the fuel supply for the GRE facility located within the ISO-NE control region.
GRE's power-generating facility is a seasonally rated 752 MW natural gas-fired, combined-cycle power generating station which employs Siemens W501G combustion turbines, one of the most proven and highly efficient technologies available. NAES Corporation is the GRE station operator.
"We were pleased to work with GRE as the management team has a proven track record of reliably operating this power station," said Bret Jones, president of CPM. "The transaction allows us to extend our asset and commodity risk management capabilities into the ISO-NE region and provides us with the opportunity to serve new customers in NEPOOL."
GRE President Jim Carlton said the agreement will allow management to continue its focus on operational excellence with CPM managing the sourcing of natural gas to run the plant and marketing the power produced by it. "Our expertise in managing power generating facilities and Cargill's demonstrated experience in marketing, commodity risk management and fuel procurement is an excellent strategic fit for both companies," he said.
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About Granite Ridge Energy
Granite Ridge is a seasonally-rated 752 MW natural gas-fired, grey-water cooled, combined cycle electric generating station located in Londonderry, New Hampshire. The Facility employs Siemens W501G combustion turbines that are one of the most proven and highly efficient technologies in the market. Granite Ridge began commercial operations in March 2003.
About Cargill Power Markets
Cargill Power Markets offers physical power supply, marketing, customized structured products, commodity price risk management products and asset management services to energy customers across North America. Cargill Power Markets has a 15 year record of delivering reliable service to power industry customers and is a business unit of Cargill, an international provider of food, agricultural and risk management products and services. With 159,000 employees in 68 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. For more information, please visit http://www.cargill.com/energy
