Word: matep
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...University is negotiating to sell one of its most controversial and costly possessions-the Medical Area Total Energy Plant (MATEP...
...This acquisition would offer [our company] the opportunity to provide reliable service to MATEP customers while developing additional economic and environmental benefits through long-term investments," said Leonard Devanna, president of Advanced Energy System, the Commonwealth Energy subsidiary that is spearheading discussions with Harvard...
...Work on MATEP began in the mid-70s and was completed in 1985 when the final part of the plant went on-line. When completed, the plant was somewhere between $230 and $300 million over budget, depending on what cost estimates one uses...
...large part because of the cost over runs, MATEP became one of the most controversial projects Harvard's central administration has ever undertaken. Some said Harvard was spending too much while others argued that Harvard simply should not be in the power business...
Selling the plant allows the University to pass financial responsibility for maintaining and upgrading MATEP to the buyer, while protecting an affordable, reliable source of electricity, chilled water and steam for the plant's current clients through long term contracts...