Press Releases

  • December 8, 2008
    CPV and Charles County Complete Key Agreement: St. Charles Project Will Turn Water into New County Revenue Stream While Protecting Potomac River Super-Clean Natural Gas Facility Could Break Ground in First Half of 2009

    SILVER SPRING, MD (December 10, 2008) – Charles County, Maryland, and Competitive Power Ventures (CPV) today announced completion of a development agreement for the CPV St. Charles power plant, a key step needed to begin construction of a new 640 megawatt facility in the county.

    As part of the agreement, which was signed today by CPV and Charles County commissioners, CPV has agreed to buy and use reclaimed water from the county’s Mattawoman Wastewater Treatment Plant for cooling at its power plant. The company expects to use an estimated 650 million to 750 million gallons a year of reclaimed water at the power plant.

    “Selling reclaimed water from the Mattawoman treatment facility for use at this power plant is a win all around. It is good for the residents of Charles County, good for CPV, good for local groundwater supplies, good for our economy and good for the Potomac River and Chesapeake Bay,” said Wayne Cooper, President of the Charles County Board of Commissioners.

    “This agreement is part of the solution to one of the region’s top environmental priorities: saving the Chesapeake Bay,” said Doug Egan, Chairman and Chief Executive Officer of CPV, which is headquartered in Silver Spring, Maryland. “Environmental stewardship is at the core of CPV’s mission. We’re pleased that our project will contribute to a cleaner Potomac River and Chesapeake Bay by using several million gallons a day of treated wastewater that otherwise would have been disposed directly into the Potomac River.

    “CPV St. Charles is moving ahead with plans to begin construction in the summer of 2009,” Egan added. “We are looking forward to the opportunity to bring Maryland customers clean and reliable power from this facility as early as the summer of 2012.” The development agreement with Charles County is the second major milestone achieved in recent weeks by the CPV St. Charles project. Last month, the Maryland Public Service Commission issued a final order approving the state Certificate of Public Convenience and Necessity (CPCN) needed for CPV to build and operate the facility.

    “CPV St. Charles is the only proposed power plant in Maryland with both state and local approvals already in place, which means the St. Charles project provides the best option for a clean, Maryland-based solution to the region’s projected electricity gap over the next few years,” said Sharon Segner, project director for CPV.

    CPV St. Charles will produce enough electricity to power 600,000 homes while minimizing the environmental effects on the region’s air and water.

    “Using state-of-the-art technology, CPV’s natural gas power plant will be one of the cleanest natural gas-powered electric generating facilities in the country,” Segner said. “This is not your father’s power plant. Its emissions profile and overall environmental impact will be dramatically less than older and less-efficient coal-fired power plants currently used throughout the region for power.”

    CPV St. Charles will be one of a select few power plants that will use treated, reclaimed effluent from local municipal wastewater treatment plants for the large volumes of water needed for cooling steam in the production of electricity.

    The agreement with Charles County allows CPV St. Charles to use as much as 5.4 million gallons a day of treated wastewater from the Mattawoman plant, but that maximum amount would be used only on very hot days when the plant is running at full capacity. The average use on a typical summer day is estimated to be 3.6 million gallons, with less used at other times of the year. About 80 percent of the reclaimed water will be used in the cooling process, significantly reducing the discharge of treated water into the Chesapeake Bay. CPV St. Charles will not use groundwater for cooling. The only use of groundwater will be for plant operations, and CPV has agreed to work to minimize this use.

    “CPV St. Charles is the type of 21st Century power plant project that our state and our nation needs, as we work to meet the growing demand for on-demand clean electricity while preserving our precious air and water resources,” Egan said.

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    About Competitive Power Ventures Holdings, LLC (CPV)

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com.

  • october 24, 2008
    Maryland Hearing Examiner Issues Order Granting Permit for Construction and Operation of CPV Charles County Power Plant Company Awaits Maryland Public Service Commission Ruling on Long-term Power Contracts to Address Projected Gaps in Energy Supplies in 2011-2012

    SILVER SPRING, MD (October 24, 2008) – Maryland-headquartered Competitive Power Ventures (CPV) today announced a Maryland hearing examiner had recommended granting of a permit by the Maryland Public Service Commission that will allow construction and operation of a new 640 megawatt power plant in Charles County.

    The proposed order by Joel M. Bright, a hearing examiner for the Public Service Commission, grants a Certificate of Public Convenience and Necessity (CPCN) for CPV to construct and operate the plant and accepts a settlement on permit conditions between CPV and Maryland state agencies. The order will be effective on November 8, 2008, unless it is modified by the Commission.

    “Completion of the state environmental permitting process will be a major step forward in CPV’s plans to construct a state-of-the-art natural gas power plant in Charles County,” said Doug Egan, Chairman and Chief Executive Officer of CPV, which is headquartered in Silver Spring. “CPV St. Charles will be one of the cleanest natural gas plants ever licensed in this state and will offer a clean, cost-effective and reliable supply of Maryland-generated electricity to meet our region’s growing energy needs.”

    CPV filed its state permit application in December for the plant, which would provide power to roughly 600,000 homes, and the state has held public hearings in Charles County as part of its review.

    The permit conditions agreement notes that issuance of a CPCN by the Maryland Public Service Commission for CPV St. Charles is in the public interest as construction of the Project will assist Maryland in addressing a predicted shortfall in electric generation in the in the 2011-2012 time period. The agreement also says that construction and operation of the project in accordance with the conditions in the agreement “would meet or exceed the requirements of all currently applicable environmental laws and regulations, including those relating to noise abatement and the control of air and water pollution.”

    Bright agreed with these conclusions in his proposed order accepting the agreement between the company and the state agencies.

    “With the proposed order now issued, the next step is to complete discussions with Charles County on the use of reclaimed water from the Mattawoman Wastewater Treatment Plant and on the overall development agreement for this project,” said Sharon Segner, the CPV director who leads the project.

    “CPV is working hard to get to ‘yes’ in our discussions with Charles County on the use of reclaimed water for cooling purposes at CPV St. Charles,” Segner said. “Completing these negotiations is critical to bringing this plant on line as soon as possible, and we appreciate the county’s leadership in working towards an agreement on these matters.” Charles County Commissioners on October 1 approved in a 5-0 vote a resolution of support for the project.

    After the issuance of all necessary local, state and federal permits, construction on CPV St. Charles is targeted to begin in the first half of 2009 and targeted to be completed in early 2012.

    In another matter, the Maryland Public Service Commission is seeking ways to address a projected shortfall of reliable energy supplies. CPV has urged the Commission to include long-term contracts as part of the solution, and has said that the Commission’s decision on the long-term contracts will be a key element to the efforts to move forward with the planned CPV St. Charles plant.

    “CPV St. Charles is at an advanced stage of development and will be one of the only Maryland projects that can help address the projected reliability gap in supplies of electricity in the state,” Egan said. “CPV stands ready to serve this need and provide power to Maryland customers starting in 2012, but we would like the commission to require longer-term contracts with competitive baseload power projects such as CPV St. Charles. These longer-term contracts are critical to obtain financing for these projects given the serious and volatile conditions in the nation’s credit markets.”

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    About Competitive Power Ventures Holdings, LLC (CPV)

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com.

  • September 28, 2008
    CPV Renewable Energy Company and OG&E Bring Added Wind Power to Oklahoma

    SILVER SPRING, MD – CPV Renewable Energy Company (CPV) today announced that it has sold the rights to the initial 101.2 MW phase of the CPV Keenan wind farm to Oklahoma Gas & Electric Company (OG&E). The wind farm will be renamed OU Spirit and will supply renewable energy to the University of Oklahoma (OU) through a wind power agreement between OU and OG&E.

    “Through its innovative agreement with OU and purchase of the initial phase of the CPV wind project, OG&E has again taken a leadership role in promoting wind energy in Oklahoma,” said Sean Finnerty, Senior Vice President of Competitive Power Ventures. “Like OG&E, CPV is committed to helping state regulators in their effort to increase the amount of renewable energy available for Oklahoma electric customers.”

    CPV developed the wind farm, located south of Woodward, Oklahoma, as the initial phase of a multi-phased project expected to reach commercial operation starting in late 2009. The project will utilize 44 Siemens 2.3 MW wind turbines and will be constructed under an agreement with Tetra Tech EC. CPV expects Phase II of the Keenan project to progress toward a commercial operation date in 2010.

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    About Competitive Power Ventures Holdings, LLC (CPV)

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com.

  • September 14, 2008
    Competitive Power Ventures Holdings, LLC Receives Up To $300 Million Additional Investment From Warburg Pincus - CPV’s Experienced Development Team Focuses On Combined-Cycle Natural Gas& Wind-Powered Generation to Meet Growing Demand for Clean Electricity

    SILVER SPRING, MD – September 14, 2008 – Competitive Power Ventures Holdings, LLC (CPV), a North American power industry development and asset management company, today announced an agreement with Warburg Pincus, the global private equity firm, under which Warburg Pincus will provide additional equity financing for CPV up to $300 million. The transaction closed on Friday morning.

    “People across North America are clamoring for more clean, domestically-produced electric power,” said Douglas Egan, CPV’s Chief Executive Officer. “Our focused strategy of creating significant new clean energy supplies across strategic markets, informed by current operational expertise and with a focus on community values, is proving to be a winning approach. We are pleased to have gained the confidence of Warburg Pincus, as demonstrated by their additional investment in our company.”

    “Clean, renewable wind power combined with ultra-low emission natural gas as the best way to meet North America’s growing energy needs is an idea whose time has finally arrived,” said Egan. The funding will allow CPV to invest in its power generation development projects, entering into construction and operation over the next few years. CPV currently has nearly 8,000 MWs of conventional generation projects in various stages of development with plans for approximately 1,100 MWs to move into construction during the next 12 months, and approximately 1,200 MWs each year thereafter. Wind power development plays a significant role within CPV’s portfolio. The company has nearly 5,000 MW of wind power projects in development with plans for more.

    The new funding is targeted toward maintaining larger equity interests in CPV generation projects--primarily natural-gas fired projects--in markets that are receptive to independentlyowned power generation. Steady growth in the demand for electricity, combined with a halt in construction of new capacity in those markets, has created a need for significant capacity additions within the next few years.

    Commenting on the new investment, Jeffrey A. Harris, a Warburg Pincus Managing Director and a CPV Director, said, “This investment will enable CPV to continue the impressive growth that has led to the company’s standing as the pre-eminent energy developer across conventional and renewable generation technologies throughout North America today.”

    CPV also manages over 7,200 MW of operational natural-gas, combined-cycle electric generating facilities in key markets throughout the United States through its asset management business. This core competency in asset management informs new development projects that CPV plans to advance into construction and operation.

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    About Competitive Power Ventures Holdings, LLC (CPV)

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com.

    About Warburg Pincus

    Warburg Pincus has been a leading private equity investor since 1971. Throughout its 40-year history in private equity, Warburg Pincus has invested in all stages of a company’s life cycle, from founding startups and providing growth capital to leading restructuring, recapitalizations, and buy-outs. The firm currently has more than $35 billion of assets under management and invests in a range of sectors including energy, financial services, healthcare, LBOs and special situations, real estate, technology, media and telecommunications. Over the past 20 years, the firm has invested more than $3.2 billion in more than 30 companies in the global energy sector. Warburg Pincus also has a long history as a successful investor in the power sector including funding the J. Makowski Company, for which many of CPV’s key executives once worked. Jacek Makowski is a Director on the CPV Board. Warburg Pincus has raised 12 private equity investment funds which have invested more than $33 billion in more than 600 companies in 30 countries. Currently, Warburg Pincus is investing from a $15 billion fund which closed earlier this year. An experienced partner to entrepreneurs seeking to create and build durable companies with sustainable value, Warburg Pincus has offices in North America, Europe, and Asia and an active portfolio of more than 125 companies. For more information, please visit www.warburgpincus.com.

  • August 19, 2008
    CPV RENEWABLE ENERGY COMPANY PURCHASES WIND TURBINES FROM SIEMENS - Company Continues Drive Toward Becoming North America’s Clean Energy Development Leader

    SILVER SPRING, MD – CPV Renewable Energy Company, LLC (“CPV”) announced today it has purchased forty-four (44) 2.3 MW wind turbines from Siemens Power Generation for delivery in 2009. The turbines will be allocated to the Keenan wind project in Woodward County, Oklahoma.

    With projects underway in 12 states, CPV’s portfolio of wind projects now totals over 5,000 MW. The initial phase of the Keenan project is expected to enter commercial operation in 2009. CPV handles all aspects of development, including market analysis, site selection, wind resource data collection, equipment selection, contracting, permitting, electrical interconnection, financial closing, construction oversight and asset management.

    “CPV and Siemens have a long-standing relationship in the energy business. The Keenan project is a significant milestone for CPV and will bring a steady supply of renewable energy to Oklahoma,” said Sean Finnerty, Sr. Vice President. “CPV continues to focus on meeting the demand for clean, efficient power generation across the country.”.

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    About Competitive Power Ventures Holdings, LLC (CPV)

    CPV Renewable Energy Company is a privately held company owned by Competitive Power Ventures and is developing one of the broadest wind energy development programs in the industry.

    Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company headquartered in Silver Spring, Maryland. CPV focuses on developing and operating clean conventional and wind-powered generating facilities. CPV has regional offices in Braintree, Massachusetts, San Francisco, California and Toronto, Ontario, Canada. The company’s development professionals have played critical roles in the successful development of more than 30 generating facilities, representing over 15,000 megawatts of currently operational power generation capacity. For more information please visit www.cpv.com

  • March 24, 2008
    Dominion and CPV announce Dominion’s purchase of CPV’s 600MW power station development project in Warren County

    FOR IMMEDIATE RELEASE March 24, 2008
    Company: Dominion, Competitive Power Ventures
    Contacts: Media:
    Dominion: Jim Norvelle (804) 771-6115, Jim.Norvelle@dom.com
    Competitive Power Ventures: Scott Milburn (202) 778.1037, smilburn@apcoworldwide.com

    Analysts:
    Dominion: Laura Kottkamp, (804) 819-2254, Laura.Kottkamp@dom.com
    DOMINION, COMPETITIVE POWER VENTURES ANNOUNCE DOMINION'S PURCHASE OF CPV POWER STATION DEVELOPMENT PROJECT IN WARREN COUNTY, VA.
    Project already has all permits for combined-cycle power station Station would generate about 600 megawatts, enough electricity for 600,000 homes

    RICHMOND, Va. - Dominion (NYSE: D), one of the nation's largest producers of energy, and Competitive Power Ventures (CPV), a Silver Spring, MD-based power project development and asset management company, today announced that Dominion has purchased a power station development project in northwest Virginia from CPV. The station will generate about 600 megawatts of electricity when completed.

    The 34-acre project will host a combined-cycle, natural gas-fired power station. Dominion plans to build a 2-on-1 unit in which two gas turbines generate electricity and exhaust heat produces steam to generate additional electricity. The equipment vendor has not been selected. The purchase price is confidential.

    The development project is located about three miles north of Front Royal, Va., in Warren County. The construction and operation timetable will be determined by future load growth and market conditions.

    "This acquisition fits very well into our plan of meeting the projected need of at least 4,000 megawatts of additional electric capacity during the next decade, even after taking conservation efforts into account," said Thomas F. Farrell II, Dominion chairman, president and chief executive officer. "We plan to meet our customers' growing demand for energy with a mix of energy conservation and new generation, including renewable energy."

    "New power generation facilities are critically needed in the Washington, D.C., region to meet the growing demand for electricity and to prevent projected power shortfalls in the years ahead," said Doug Egan, CPV chairman and chief executive officer. "This transaction enables CPV to put more emphasis on our CPV St. Charles natural gas power plant project in Maryland and other CPV projects across the country.

    "CPV worked actively over the past year with Virginia state officials to finalize our permits for the Warren County project, which will enable Dominion to move forward with a project that is now fully permitted for a combined-cycle power station," Egan said. "And I am confident that Dominion will enjoy doing business with the outstanding Warren County leaders and community members."

    Regulatory approvals are required before construction can begin. The project is expected to generate 300 construction jobs. The station will employ 20 people full time once it is built.

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    About Dominion
    Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,500 megawatts of generation, 6,000 miles of electric transmission lines, 14,000 miles of natural gas transmission, gathering and storage pipeline, and 1.1 trillion cubic feet equivalent of natural gas and oil reserves. Dominion also owns the nation's largest underground natural gas storage system and operates more than 975 billion cubic feet of storage capacity and serves retail energy customers in 11 states. For more information about Dominion, visit the company's Web site at http://www.dom.com.

    About Competitive Power Ventures
    Competitive Power Ventures, which was established in 1999, 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, visit www.cpv.com.

  • March 4, 2008
    Dominion, competitive Power Ventures Announce Dominion's Purchase of CPV Poewr Station Development Project in Warren County, VA

    • Project already has all permits for combined-cycle power station
    • Station would generate about 600 megawatts, enough electricity for 600,000 homes

    RICHMOND, Va. – Dominion (NYSE: D), one of the nation’s largest producers of energy, and Competitive Power Ventures (CPV), a Silver Spring, MD-based power project development and asset management company, today announced that Dominion has purchased a power station development project in northwest Virginia from CPV. The station will generate about 600 megawatts of electricity when completed. The 34-acre project will host a combined-cycle, natural gas-fired power station. Dominion plans to build a 2-on-1 unit in which two gas turbines generate electricity and exhaust heat produces steam to generate additional electricity. The equipment vendor has not been selected. The purchase price is confidential.

    The development project is located about three miles north of Front Royal, Va., in Warren County. The construction and operation timetable will be determined by future load growth and market conditions.

    “This acquisition fits very well into our plan of meeting the projected need of at least 4,000 megawatts of additional electric capacity during the next decade, even after taking conservation efforts into account,” said Thomas F. Farrell II, Dominion chairman, president and chief executive officer. “We plan to meet our customers’ growing demand for energy with a mix of energy conservation and new generation, including renewable energy.”

    “New power generation facilities are critically needed in the Washington, D.C., region to meet the growing demand for electricity and to prevent projected power shortfalls in the years ahead,” said Doug Egan, CPV chairman and chief executive officer. “This transaction enables CPV to put more emphasis on our CPV St. Charles natural gas power plant project in Maryland and other CPV projects across the country.

    “CPV worked actively over the past year with Virginia state officials to finalize our permits for the Warren County project, which will enable Dominion to move forward with a project that is now fully permitted for a combined-cycle power station,” Egan said. “And I am confident that Dominion will enjoy doing business with the outstanding Warren County leaders and community members.” Regulatory approvals are required before construction can begin. The project is expected to generate 300 construction jobs. The station will employ 20 people full time once it is built.

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    About Dominion

    Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,500 megawatts of generation, 6,000 miles of electric transmission lines, 14,000 miles of natural gas transmission, gathering and storage pipeline, and 1.1 trillion cubic feet equivalent of natural gas and oil reserves. Dominion also owns the nation’s largest underground natural gas storage system and operates more than 975 billion cubic feet of storage capacity and serves retail energy customers in 11 states. For more information about Dominion, visit the company's Web site at http://www.dom.com.

    About Competitive Power Ventures

    Competitive Power Ventures, which was established in 1999, 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, visit www.cpv.com