CPV Petition Filed Today Breaks Maryland Generation Gridlock; Improves Environment and Saves Ratepayers Billion$ Enhanced local reliability and price certainty to jump-start Old Line State economy with support from policymakers, says leading developer
"We are strong believers in the power of markets to drive wholesale-level savings that translate into real dollars in ratepayer's pockets, but this market is in need of a fix," said
What is preventing this from happening currently is that dried-up financial markets are not strong enough yet to finance new energy projects, and yet
CPV's petition provides for the benefits of the regulated environment by providing an "open book" approach whereby the Public Service Commission bases the price to be paid on CPV's demonstrated costs to construct and operate the
Various studies into the matter -- including one commissioned by the Maryland PUC(1) -- have all concluded that the addition of significant new electricity supplies will result in dramatic environmental and economic benefits. In a study commissioned by the Maryland Legislature, the addition of the
Of the more than 3,000 MW of new generation approved by the Commission in recent years, only 200 MW has actually reached commercial operation, as of the end of 2009.(2) Projects in general cannot sit on the shelf indefinitely, and the Commission is well aware that lengthy delays ultimately can threaten the likelihood that a project will ever reach commercial operation.(3)
Therefore, today CPV Maryland respectfully requested that the Commission grant the Petition, and order the Investor Owned Utilities ("IOUs") to negotiate and enter into a CPV MD LTC for the sale of energy and capacity from the St. Charles Project. CPV Maryland further requested that the order contain a provision that requires the IOUs to finalize the CPV MD LTC within thirty (30) days from the issuance of such order stating that should the parties fail to reach such agreement, the Commission Staff will negotiate the respective CPV MD LTC with CPV Maryland on the IOUs' behalf.
CPV: Energizing America' s Future
Competitive Power Ventures, LLC (CPV) is dedicated to increasing America's sustainability; both economically and environmentally. Using domestically-available energy sources, like wind and natural gas, and partnering with host communities to support their tax base and school districts, CPV works to stabilize and improve local and state economies. CPV's corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment. To this end, we have focused our core activities around developing and operating energy facilities that can make a significant difference in improving the environments and economic well-being of a region.
CPV Renewable Energy Company is currently developing 5,000 MWs of wind power projects across
Find out more at www.cpv.com.
(1) Analysis of Resource and Policy options for Maryland's Energy Future 12-1-2008 at 12 (2) PSC Final Report at 27. (3) D. Magill Testimony at 2134.
SOURCE Competitive Power Ventures, LLC