NEW YORK (S&P Global Ratings) Feb. 7, 2023--S&P Global Ratings today said Invenergy Thermal Operating I LLC's cash flow would likely be negatively impacted by the Climate Commitment Act enacted in Washington state, where its 650-megawatt (MW) merchant combined cycle gas turbine plant, Grays Harbor, operates. Grays Harbor generated 24% of Invenergy consolidated project cash flows in 2022 and on average 16% over the last three years. Beginning in January, to comply with the act the plant must purchase one allowance per metric ton of carbon dioxide equivalent it produces on an annual basis. The allowances will be sold at four auctions every year, the first this month. The state has established a minimum price of $22.20 per metric ton
