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March 4, 2008
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 150,000 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.
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, 1.1
trillion cubic feet equivalent of proved natural gas and oil reserves and 14,000
miles of natural gas transmission, gathering and storage pipeline. 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.
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