Indianapolis Power and Light Company (IPL) to terminate power purchase agreement for 201 MW wind project.

From Anthony Watts:  Indianapolis wind power contract canceled

Press release in full:

March 12th, 2010

Termination of the Lakefield PPA by IPL

On March 1, enXco, the US subsidiary of EDF Energies Nouvelles, received notification that the US utility Indianapolis Power and Light Company (IPL) would terminate the power purchase agreement related to the 201 MW Lakefield wind project currently under development (southwestern Minnesota).

The project received the approval of the Indiana Utility Regulatory Commission (IURC) on January 27, 2010. The IURC’s order was consistent with similar past orders. IPL has purported to unilaterally terminate the power purchase agreement on the basis of this order without providing further specific reasons.

enXco is considering its rights and remedies within the framework of the PPA. In addition, the Company is currently analyzing several options, including re-marketing the project to one or several other utilities.

Consistent with EDF Energies Nouvelles policy, construction has not yet started.

The 2012 operational objective of 4,200 MW net and 2010 objective of EBITDA will not be impacted by the Lakefield project evolution.

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