Natural Gas Company to Acquire Salem Station
Pending regulatory approvals, Footprint Power will acquire Salem Harbor Power Station, remediate the site and build a natural gas plant.
A New Jersey company has signed an agreement with Dominion to take control of Salem Harbor Power Station, remediate the site and build a natural gas plant.
The announcement from Footprint Power LLC came Friday, according to a press release.
The coal-fired Salem Harbor Power Station owned by Virginia based Dominion is currently slated to close by June 1, 2014. Two units were reportedly retired in December 2011.
Footprint's new "state-of-the-art natural-gas-fired power plant" will be built on one third of the 63-acre site and could start as a power supplier by 2016, according to the press release. The City has been working on its vision for the rest of the site, and has presented study plans in public meetings.
The Salem Harbor Power Station acquisition will be Footprint's first.
"We are thrilled that many months of negotiations and hard work with Dominion have allowed us to reach this milestone today," CEO Peter Furniss said in a press release. "Salem has long been our company's first choice for an initial project. It is a perfect opportunity for us to work with a dedicated and professional workforce, an engaged community and the committed elected officials who serve it to add responsible and respectful development to the economic base in order to further strengthen this vibrant city."
Furniss also said he is dedicated to working closely with residents as Footprint develops its plan.