1,100 MW Michigan natural gas plant sold
Mach Gen, LLC will acquire New Covert Generating Company, LLC, the owner of the Covert Generating Plant located near South Haven, Mich.
The Covert facility is a natural gas-fueled plant that sells power into the Midwest Independent System Operator market. The plant went into operation in 2004.
The acquisition is subject to approval by various federal, state and permitting agencies, and is expected to close by the end of this year.
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Power prices in Germany, for example, hit a record 91 euros ($135 CAD) per megawatt-hour earlier this month. That is more than triple what electricity costs in Ontario, even during periods of peak demand.
Experts blame the price spikes in large part on a chaotic transition to a specific set of renewable electricity sources - wind and solar - at the expense of other carbon-free supplies such as nuclear power. Germany, Europe’s largest economy,…
