PRINCETON, N.J. (AP) - Power producer NRG Energy Inc. on Wednesday said it will invest $16 billion to develop 10,500 megawatts in new power generation capacity over the next 10 years.
The company said it is making the investment to meet the needs of capacity-constrained markets and to reduce its reliance on higher-priced imported fuels, including natural gas.
The plan, which will be funded by NRG's partners and project debt, would create thousands of construction jobs and 1,500 permanent jobs, according to the company.
The mix of plants includes two nuclear units, three gasified coal units, two traditional pulverized coal units with full back-end controls, at least one modern combined cycle plant and at least two wind farms.
With most of its regional power demand coming from Texas, NRG plans to add 3,500 megawatts (MW) of capacity there, generated by coal and nuclear plants, with an additional 500 MW from gas-fired peaking plants and further capacity from wind farms.
On Tuesday, NRG reached a deal to buy privately held Padoma Wind Power LLC for an undisclosed sum. Earlier this month, the company successfully fended off a $7.85 billion buyout offer from rival power producer Mirant Corp.