Public Utility Commission of Texas Advances CPV’s Project in Texas Energy Fund Process
Silver Spring, MD, August 29, 2024 – Today, the Public Utility Commission of Texas advanced Competitive Power Ventures to the next stage in the Texas Energy Fund process.
“Competitive Power Ventures (CPV) is honored to be selected by the Public Utility Commission of Texas for consideration in helping the state meet its growing demand for electricity through our CPV Basin Ranch Energy Center. The development and implementation of the Texas Energy Fund (TEF) was a significant draw in bringing our combined-cycle natural gas power station project to Texas. We believe TEF is a blueprint for other states across the country as they address shrinking reserve margins and associated impacts on reliability,” said Peter Podurgiel, President of CPV Low Carbon Generation. “We look forward to the next steps in the process and sharing the important role CPV Basin Ranch will play in the Texas energy landscape.”
CPV Basin Ranch Energy Center will provide 1,350 MW of new dispatchable power to the grid producing enough electricity to power the equivalent of 850,000 Texas homes using locally sourced natural gas. The project is being developed to include a potential carbon capture system that would be the largest in the country. The project’s economic benefits to the region will include the creation of hundreds of direct and indirect jobs in the Permian Basin.
About CPV
CPV Group LP, a partnership majority owned by OPC Energy Ltd., has 25 years of unprecedented success in the development and operation of highly efficient and low emitting electric generation and renewable projects in the United States. CPV is focused on applying its development, financial and project management expertise to advance the next generation of technologies. After bringing on 5.3 GW of natural gas, wind and solar generation since 2010 and with a current pipeline of over 10 GW of renewable and dispatchable generation projects, including utility-scale carbon capture, CPV is well positioned to help drive the nation’s decarbonization goals forward. For more information: please visit www.cpv.com and follow CPV on LinkedIn.
About OPC Energy
OPC Energy Ltd. (OPCE:Tel Aviv), is an energy company leading the Energy Transition revolution in Israel and the USA and provides electricity in an efficient, reliable and environmentally friendly manner while combining solar energy, wind and natural gas with high efficiency. In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated energy solution that includes the supply of all energy needs through the company’s production sites and in the customer’s yard using natural gas and solar energy, as well as charging electric vehicles. In the USA, the company operates through the CPV Group, which supplies electricity using efficient natural gas and wind energy, and also builds and develops Powerhouse using natural gas, natural gas with reduced emissions, as well as solar and wind energy. For more information: please visit www.opc-energy.com/en
Media Contact
Sam Loftus
Director, Corporate Communications
Competitive Power Ventures
(617) 347-8094
sloftus@cpv.com