Arroyo Energy

From SourceWatch
Jump to: navigation, search

This article is part of the Coal Issues portal on SourceWatch, a project of CoalSwarm and the Center for Media and Democracy. See here for help on adding material to CoalSwarm.

Learn more from the Center for Media and Democracy's research on climate change.

Arroyo Energy describes itself as "a wholly owned subsidiary of J P Morgan & Co that "makes principal investments in energy-related assets." The company was established in 2003 and is located in Houston, Texas. Arroyo Energy Investors "has closed the purchase or sale of more than 60 power-related project companies, played key roles in 13 complex power purchase agreement restructurings and associated refinancing, and completed dozens of highly structured, long-term energy commodity transactions." It is a unit of Bear, Stearns & Co., Inc., an investment banking and securities trading and brokerage firm.[1]

Existing Coal Plants

Plant Name State Year(s) Built Capacity
Central Power & Lime Power Plant FL 1988 125 MW

On December 20, 2006 Arroyo purchased 100% of the interests in Central Power & Lime, from Delta Power Company. All of its capacity and energy are committed under an intermediate-term contract with Progress Energy Florida.[2]

Plant conversion

In 2011 Florida Power (an affiliate of Arroyo Energy and JPMorgan Chase) proposed to convert the plant from a 150 megawatt coal power plant to a 70 to 80 MWg woody biomass-fueled power plant. The project will require internal structural modifications to the pulverized coal boiler to convert it to a biomass-fired grate-suspension boiler. The existing steam turbine electric generator will be retained to generate electrical power. On December 16, 2011, the Florida DEP gave notice of its intent to issue an air permit for the project.[3]

Management

Arroyo co-president Pamela Baden was the senior vice president of Mergers and Acquisitions at El Paso Merchant Energy, where she led the divestiture of 20 project companies, including sales to Mirant, TransCanada, Montana Dakota Utilities (MDU), and TransAlta, which resulted in realized gains of $150 million. She also worked as managing director at Enron Power Marketing until her departure from Enron in 1997.[4]

Arroyo's other co-president David T. Field was managing director and head of Mergers and Acquisitions at El Paso Merchant Energy, and was principal and founder of Cinergy Capital & Trading, a boutique investment group. He developed and executed a plan of acquiring and restructuring above-market "qualifying facility" power contracts, and realized net profits of more than $35 million.[4]

Contact Details

16945 Northchase Drive
Suite 2100
Houston, TX 77060
Phone: 832-601-2600
Fax: 713-250-3005
Website: http://www.arroyoenergy.com/aboutus.htm

Related SourceWatch Articles

References

  1. "About Arroyo", Arroyo Energy website, accessed February 2009.
  2. "Arroyo Deal Summaries" Arroyo Energy Website, September 2009
  3. "Emission Sources: NSR/PSD Construction Permits - Central Power & Lime Biomass Project," Florida DEP, accessed September 2012.
  4. 4.0 4.1 "Arroyo Management Team" Arroyo Energy Website, September 2009

External Articles

This article is a stub. You can help by expanding it.