Siemens Westinghouse and General Electric have together been awarded contracts for 21 gas turbine units by Connectiv, as the power company attempts to execute its plan to become a major force in the Pennsylvania, New Jersey, Maryland (PJM) power pool. Connectiv is buying the turbines specifically in order to enhance its mid-merit and peaking generation capacity in the PJM, where it plans to have as much as 4 GW of installed capacity by 2004. The company intends to develop the capacity in order to maximise profits from its existing trading operations. The turbines are schedules for delivery by the end of 2002 when they will add to the 1.9 GW of capacity it currently owns in the region. Although financial terms of the contracts were not disclosed, the company did reveal that sales of fossil fuelled and nuclear generation units, together with its stranded cost settlement from restructuring, to raise around $1 billion that will be used to fund the developments.
