GE unit invests in wind farm
KERN COUNTY, CALIFORNIA - General Electric Co's Energy Financial Services has bought a 50 percent stake in a California wind farm that marks the first phase of a project that will eventually power 1.3 million California homes.
Bankers Commercial Corp., a unit of UnionBanCal, bought the other 50 percent stake in the Alta Wind I farm in Kern County, California. Terms were not disclosed.
The farm, which uses 100 GE 1.5 megawatt turbines, was completed late last year. It is being leased back to its developer and operator, Terra-Gen Power, marking the first time GE has used a lease for a wind farm, GE said.
Related News
U.S. power demand seen sliding 1% in 2023 on milder weather
WASHINGTON - U.S. power consumption is expected to slip about 1% in 2023 from the previous year as milder weather slows usage from the record high hit in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO).
EIA projected that electricity demand is on track to slide to 4,000 billion kilowatt-hours (kWh) in 2023 from a historic high of 4,048 billion kilowatt-hours (kWh) in 2022, before rising to 4,062 billion kWh in 2024 as economic growth ramps up.
Less demand coupled with more electricity generation from cheap renewable power sources and lower natural gas prices is forecast…
