PG&E enters solar power deal |
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Wed, 25 Jul 2007 17:47
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SAN FRANCISCO (AP) - California utility company PG&E Corp. said it will purchase 553 megawatts of solar power annually from a solar park in the Mojave Desert run by Israel-based Solel Solar Systems.The initiative will bring renewable energy to 18 percent of the company's total power supply in coming years, and closer to compliance with a California requirement of 20 percent by 2010.Financial terms of the deal were not disclosed.PG&E said the agreement will provide enough energy to power 400,000 homes. In 2006, the company served 5.1 million electricity customers and 4.2 million natural gas customers.PG&E said the park, yet to be built, will be fully operational in 2011. Its solar technology will use mirrors and vacuums to create energy from the desert sun's heat. Currently, Solel operates nine power plants and generates 354 megawatts of annual electricity with the same technology.PG&E's shares rose 51 cents in afternoon trading to $45.15.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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