Oct 8 A unit of privately held investment firm
Energy Capital Partners said Tuesday it will close its recently
acquired 1,492-megawatt Brayton Point coal/oil-fired power plant
in Massachusetts as of May 2017.
In a statement, EquiPower Resources, the Energy Capital
Partners unit, said it notified ISO New England, the regional
power grid operator, of its decision on Monday.
EquiPower said it decided to shut the plant because of low
electricity prices resulting from a surplus of low cost natural
gas and the high cost of investment needed to meet environmental
regulations and operate and maintain the aging plant.
The company also said it was not able to secure adequate
revenue in ISO New England's forward capacity market, which pays
generators to keep their plants available for reliability
"We understand the impacts that this decision to retire
Brayton Point will have on the employees, local community and
other stakeholders and we will work to mitigate those impacts to
the extent possible," Curt Morgan, CEO and President of Brayton
Point Energy LLC, said in the statement.
"We regret that we were not able to obtain approval from ISO
New England to participate in the ISO New England forward
capacity market at price levels that would allow Brayton Point
to remain viable," Morgan said.
Brayton Point employs about 240 workers.
EquiPower acquired Brayton Point and two other power plants
in Illinois from Dominion Resources Inc in late August for
The plant is located in Somerset about 50 miles (80 km)
south of Boston. It has three coal-fired units, one large
oil-fired unit and several smaller oil-fired units, which
entered service between 1963 and 1974.