- NRG Energy (NYSE:NRG) says the Ivanpah Solar Electric Generating System in San Bernardino, Calif., is producing more electricity and that the facility is no longer at risk of defaulting on a yearlong forbearance deal with Pacific Gas & Electric (NYSE:PCG) that expired Wednesday.
- PG&E is not saying whether the plant was meeting its contractual production obligations, but does say the contract with the owners - NRG, BrightSource Energy and Google - remains in place while it reviews Ivanpah's performance and works with NRG on the next steps for the project.
- The plant began operations in 2014 and consistently fell short of its energy production targets for the first 24 months in operation; last year, the California Public Utilities Commission approved a deal in which the owners paid an undisclosed sum to PG&E in exchange for more time to improve production.