Braintree, MA - December 14, 2017 - "Yesterday's release of the Indian Point Deactivation Assessment from the New York Independent System Operator (NYISO) is an indisputable validation of the need for the CPV Valley Energy Center. The report is clear that reliability in the Lower Hudson Valley can only be maintained if replacement generation is available within the Lower Hudson zone before the Indian Point Energy Center retires. Due to transmission constraints, generation built outside the zone fails to address the reliability need.
Beyond the reliability need, the CPV Valley Energy Center will play a substantial role in reducing the significant market impacts from Indian Point's retirement. By replacing older, less efficient generation, the CPV Valley Energy Center is forecasted to reduce the cost of electricity by over $700 million per year. The efficiency gains will also lead to a dramatic reduction in carbon emissions - more than half-a-million tons per year from current levels, according to a recent, independent study conducted by the Brattle Group.
In light of this report, we hope the state will carefully consider the value of this project for New York, its energy customers and the environment, and discontinue its opposition to a critical component of our project, the Millennium lateral pipeline. We look forward to working with them as we bring this valuable asset online.
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About Competitive Power Ventures
Competitive Power Ventures (CPV) is dedicated to increasing America's energy sustainability by providing safe, reliable, cost effective and environmentally responsible power generation. Together with our investors, partners, host communities and other key stakeholders we are driven to improve North America's energy infrastructure by optimizing existing facilities and building new power generation using cutting edge, domestically available power technologies. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA, CPV has successfully developed or monetized 21 projects totaling 13.0 GW of natural gas-fired and renewable generation assets. CPV's Asset Management division currently manages 7,775 MW of fossil and renewable generating facilities in nine states for 10 different owner groups. For more information: www.cpv.com. Follow CPV on Twitter: @CPVEnergy.
Tom Rumsey - SVP External Affairs, Competitive Power Ventures: 518-883-1262
Patrick H. McCarthy - Managing Director, Mercury Communications: 518-331-7481