Sign up for TPR Today, Texas Public Radio's newsletter that brings our top stories to your inbox each morning.
CPS Energy has agreed to purchase four natural gas power plants in Harris, Brazoria, and Galveston counties for nearly $1.4 billion from PROENERGY, which will continue to maintain and operate the plants.
It’s part of a broader strategy by San Antonio’s municipally-owned utility to acquire relatively new plants instead of building more plants itself to address energy demand.
“By acquiring recently constructed, currently operating modern power plants that utilize proven technology already in use by CPS Energy, we avoid higher construction costs, inflationary risk, and long timelines associated with building new facilities – while also enhancing the reliability and affordability of the CPS Energy generation portfolio,” said Rudy Garza, president and CEO of CPS Energy.
Last year, CPS purchased natural gas plants in Corpus Christi and Laredo as part of this strategy.
CPS said the latest additions to its portfolio have the capacity to produce enough energy to meet more than a quarter of its peak demand.
“We are getting the best of both worlds by securing new infrastructure without delay while also strengthening the power supply for our community," Garza said. "As we add resources to meet the needs of our fast-growing communities, we will continue to look to a diverse balance of energy sources that complement our portfolio, including natural gas, solar, wind, and storage, keeping our community powered and growing.”
