Panoche Energy Center LLC (PEC) is a 400-megawatt (MW) gas-fired simple-cycle power plant in Panoche, Calif., about 50 miles west of Fresno. The project started commercial operations in 2009. PEC is owned by U.S. Power Fund II L.P. and USPF II Institutional Fund L.P., both managed by EIF Management LLC (not rated). PEC earns its revenue through a long-term power purchase agreement (PPA) with Pacific Gas&Electric Co. (PG&E, BBB+/Watch Neg/A-2). Day-to-day operations and maintenance are contracted out to NAES Corp. (not rated). A contractual services agreement with GE Energy, an affiliate of General Electric Co. (A/Stable/A-1), covers major maintenance. Starting 2018, PEC is fully exposed to its carbon compliance obligations under the California Global Warming Solutions Act of
