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Elwood Energy: peaker-boo

01 November 2001

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Elwood Energy, a joint venture of Dominion Energy and People's Energy, has completed a $402 million bond financing in what is billed as one of the first bond financings of a peaker plant.

Lenders view peaker plants, which come on- and off-line at short notice to capture value from spikes in wholesale electricity prices, as a very risky proposition. This deal, which mixes up a solid contractual element with an unprecedented series of enhancements, could well be a template deal for the 6500MW of peaking capacity that is currently planned for the United States.

Elwood is a 1049MW plant located 50 miles from the lucrative load pocket of Chicago, Illinois. It consists of nine simple-cycle GE 7FA turbines installed in two phases: the first four units were in place in 1999, and the next five were in place in July 2001. The construction was carried out by GE Power Systems,...

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