SILVER SPRING, MD (July 24, 2007) - Competitive Power Ventures (CPV) today unveiled plans to build a 600 megawatt natural gas-fired combined cycle power plant in Charles County, Maryland. Known as CPV St. Charles, the new facility will generate enough electricity to power 600,000 homes and use state-of-the-art technology to produce electricity efficiently and cleanly to help meet the region's demand for energy. Thorough environmental review by local, state and federal regulators will begin in fall 2007.
"As a Maryland-headquartered company we are very excited about the chance to help our home state meet its growing energy needs, help keep local electric rates low and stable, and boost the Charles County tax base-all while achieving the highest standard for environmental responsibility," said Doug Egan, CPV Chairman and Chief Executive Officer. "CPV St. Charles will be our flagship facility and will employ the most advanced and environmentally-conscious power generation technologies available today. The capabilities and experience of CPV's senior staff in energy development and production are unsurpassed, and we are committed to working closely with state and county officials to move this project forward."
When completed, CPV St. Charles will be one of the cleanest natural gas facilities ever built in Maryland and the Washington DC area, using clean-burning natural gas and helping reduce the dependency on older coal-burning power plants which currently supply a majority of the region's power. Additionally, the plant's innovative design will prevent it from being a strain on local water resources by employing a cooling system that requires only minimal groundwater.
CPV plans to build and operate the new facility through its wholly-owned subsidiary CPV Maryland, LLC. It will be constructed on a 77-acre site in an industrial zone which has long been set aside for a power plant and which was previously fully permitted by another power company. The site is adjacent to an existing asphalt plant, the Charles County landfill, and an existing power line, eliminating the need to construct new transmission towers or power lines. CPV recently entered into a purchase agreement for the site with American Community Properties Trust, the current property owner and developer of St. Charles.
Additionally, CPV recently obtained priority rights to tie the plant directly into the region's power grid, giving CPV St. Charles a time and cost advantage over other proposed new power plants in the metropolitan Washington DC area.
"CPV operates with communities in mind, bringing good jobs, long-term tax revenue, and greater energy security to the regions where we have facilities," said Sharon K. Segner, director of the CPV St. Charles project. "We will be opening an office in Charles County soon and we look forward to talking with community members about the facility, the cutting edge technologies we employ, and the advantages of environmentally-responsible natural gas generation."
By contributing to the region's growing need for electricity, CPV St. Charles will help prevent the rolling power blackouts which have occurred as a result of electricity shortages in other power-starved regions. According to recent studies by PJM, which is responsible for maintaining electrical reliability in the Mid-Atlantic region, without the construction of new power generation facilities, the Southern Maryland and Washington DC area could experience rolling blackouts starting in the year 2011.
After a thorough environmental review and the issuance of all necessary local, state and federal permits, construction on CPV St. Charles is expected to begin in early 2009 and finish in 2011. When completed, CPV St. Charles will be one of the largest taxpayers in Charles County and therefore a major new, long-term source of additional funding for local schools. Its construction will create approximately 350-400 jobs at peak and it will create 30 permanent jobs when operational. Strong efforts will be made to use local labor to the greatest extent possible.
Through its Virginia subsidiary, CPV Warren LLC, CPV is also developing a natural gas-fired power plant in Front Royal, Virginia. That plant, which is in the final stages of the permitting process, will be the cleanest fossil fuel plant ever permitted in Virginia and one of the cleanest in the United States.
About Competitive Power Ventures
CPV Maryland, LLC and CPV Warren, LLC are wholly-owned subsidiaries of Competitive Power Ventures. Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its Silver Spring, Maryland headquarters, CPV has offices in Boston and San Francisco. The company's development professionals have played critical roles in the successful development of more than 30 power plants, representing over 15,000 megawatts of currently operational power generation capacity. CPV is majority owned by Warburg Pincus.
For more information please visit www.cpv.com