Pacific Gas and Electric Company (PG&E) has sold its Narrows Hydroelectric Project to Yuba Water Agency.
Escrow closed and the sale finalized today on this facility in Nevada County, which includes the 12-megawatt Narrows No. 1 Powerhouse located on the Yuba River below Englebright Dam, along with associated water conveyance and infrastructure and 23 acres of land, for $507,500. Narrows 1 has been generating clean, renewable energy since its construction in 1942.
The Narrows Project was marginally economic for PG&E and is far from PG&E’s regional hydropower headquarters. Yuba Water, however, is a natural buyer as the agency also owns the nearby Narrows No. 2 Powerhouse just upstream. For decades, the two entities closely coordinated the operations of these facilities, including the flows.
“We appreciate the partnership we’ve had with PG&E,” said Curt Aikens, general manager of Yuba Water Agency. “Our acquisition of the Narrows 1 facility really complements our other hydropower assets, but most of all, it enables our agency to continue to provide reliable flows for salmon and steelhead in the lower Yuba River.”
PG&E and Yuba Water began negotiations for the sale in December 2017 and reached an agreement in September 2018. As required, the Federal Energy Regulatory Commission and California Public Utilities Commission have approved the sale, which is unrelated to PG&E’s bankruptcy.
There will not be any impact to PG&E employees as a result of the sale.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
About Yuba Water Agency
Yuba Water Agency is a stand-alone public agency created to serve the people of Yuba County. The agency’s primary missions are flood risk reduction, water supply reliability, fish habitat protection and enhancement, hydroelectric generation, and recreation at New Bullards Bar. Today, Yuba Water Agency owns and operates facilities with a capacity of storing approximately one million acre-feet of water and generating nearly 400 megawatts of hydropower.