Yellowstone Energy L.P.

Yellowstone Energy L.P. (YELP) is a petroleum (pet) coke-fueled, circulating fluidized bed power plant adjacent to a Par Pacific Holdings Inc. (Par Pacific) refinery in Billings, Mont. The project began operations in 1995 and burns pet coke sourced from three local refineries. Par Pacific supplies fuel for no charge from its adjacent refinery, and the project supplies steam for free to Par Pacific up to a threshold. The pet coke from Par Pacific has historically met 40%-50% of fuel needs at full generation, with the remainder acquired from the nearby Phillips 66 (P66) and CHS Inc. (CHS) refineries under short-term contracts. Crushed limestone is added to the coke to reduce sulfur emissions. The plant produces electricity, steam, and ash. It

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