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Wednesday, November 19, 2014
Keys Energy Center To Build Power Plant in Maryland
Keys Energy Center, a subsidiary of Genesis Power LLC, is a planned 780Mw combined cycle, natural gas-fired electric power generating facility located on 30 acres of a 170-acre parcel 1.25 miles east Brandywine. The estimated assessed value of the plant, which will generate enough electricity, according to Genesis, to power roughly 500,000 homes, will be $627 million.
The County Council on Nov. 6 approved a payment in lieu of taxes for the plant project, under which Genesis will pay Prince George's $43.4 million over 18 years, roughly half of what it would have paid with no tax break. The Maryland-National Capital Parks and Planning Commission will receive $12.7 million over the life of the PILOT. The annual PILOT payments decline year-over-year as a result of plant depreciation.
The Keys Energy Center will be financed by EIF Keys LLC, a wholly-owned subsidiary of EIF United States Power Fund IV LP, a $1.7 billion private equity fund.
The project, located on a former gravel mine, will feature two combustion turbine generators, two heat-recovery steam generators, one condensing steam turbine generator, an air-cooled condenser, and a natural gas-fired boiler. It will connect to Pepco's power grid via a transmission line that passes adjacent to the plant, and an on-site substation. There will be a 140-foot-tall stack, and an anticipated 272 warm and hot start-ups per year.
The rural Brandywine site was chosen, according to Genesis, to minimize impacts on ecology, air quality, water supply, view sheds, noise pollution, transmission capacity and "adverse social economic impacts." On Oct. 31, the Maryland Public Service Commission approved the project, reporting "no witnesses or local residents objected to construction and operation of the project on any grounds."
Construction of the Keys Energy Center is expected to take 32 months and require 400 workers. Genesis will need another 25 full-time employees to manage the plant once it is operational in 2017. (Washington Business Journal, 11/12/2014)