CPV Unveils Maryland's Cleanest New Natural Gas Power Plant in Charles County, Maryland Advanced Design Will Mean Clean Energy for the Region's Growing and Urgent

Needs



    SILVER SPRING, Md., July 24 /PRNewswire-USNewswire/ -- Competitive
 Power Ventures (CPV) today unveiled plans to build a 600 megawatt natural
 gas-fired combined cycle power plant in Charles County, Maryland. Known as
 CPV St. Charles, the new facility will generate enough electricity to power
 600,000 homes and use state-of-the-art technology to produce electricity
 efficiently and cleanly to help meet the region's demand for energy.
 Thorough environmental review by local, state and federal regulators will
 begin in fall 2007.
     "As a Maryland-headquartered company we are very excited about the
 chance to help our home state meet its growing energy needs, help keep
 local electric rates low and stable, and boost the Charles County tax base
 -- all while achieving the highest standard for environmental
 responsibility," said Doug Egan, CPV Chairman and Chief Executive Officer.
 "CPV St. Charles will be our flagship facility and will employ the most
 advanced and environmentally- conscious power generation technologies
 available today. The capabilities and experience of CPV's senior staff in
 energy development and production are unsurpassed, and we are committed to
 working closely with state and county officials to move this project
 forward."
     When completed, CPV St. Charles will be one of the cleanest natural gas
 facilities ever built in Maryland and the Washington, DC area, using clean-
 burning natural gas and helping reduce the dependency on older coal-burning
 power plants which currently supply a majority of the region's power.
 Additionally, the plant's innovative design will prevent it from being a
 strain on local water resources by employing a cooling system that requires
 only minimal groundwater.
     CPV plans to build and operate the new facility through its
 wholly-owned subsidiary CPV Maryland, LLC. It will be constructed on a
 77-acre site in an industrial zone which has long been set aside for a
 power plant and which was previously fully permitted by another power
 company. The site is adjacent to an existing asphalt plant, the Charles
 County landfill, and an existing power line, eliminating the need to
 construct new transmission towers or power lines. CPV recently entered into
 a purchase agreement for the site with American Community Properties Trust,
 the current property owner and developer of St. Charles.
     Additionally, CPV recently obtained priority rights to tie the plant
 directly into the region's power grid, giving CPV St. Charles a time and
 cost advantage over other proposed new power plants in the metropolitan
 Washington, DC area.
     "CPV operates with communities in mind, bringing good jobs, long-term
 tax revenue, and greater energy security to the regions where we have
 facilities," said Sharon K. Segner, director of the CPV St. Charles
 project. "We will be opening an office in Charles County soon and we look
 forward to talking with community members about the facility, the cutting
 edge technologies we employ, and the advantages of
 environmentally-responsible natural gas generation."
     By contributing to the region's growing need for electricity, CPV St.
 Charles will help prevent the rolling power blackouts which have occurred
 as a result of electricity shortages in other power-starved regions.
 According to recent studies by PJM, which is responsible for maintaining
 electrical reliability in the Mid-Atlantic region, without the construction
 of new power generation facilities, the Southern Maryland and Washington,
 DC area could experience rolling blackouts starting in the year 2011.
     After a thorough environmental review and the issuance of all necessary
 local, state and federal permits, construction on CPV St. Charles is
 expected to begin in early 2009 and finish in 2011. When completed, CPV St.
 Charles will be one of the largest taxpayers in Charles County and
 therefore a major new, long-term source of additional funding for local
 schools. Its construction will create approximately 350-400 jobs at peak
 and it will create 30 permanent jobs when operational. Strong efforts will
 be made to use local labor to the greatest extent possible.
     Through its Virginia subsidiary, CPV Warren LLC, CPV is also developing
 a natural gas-fired power plant in Front Royal, Virginia. That plant, which
 is in the final stages of the permitting process, will be the cleanest
 fossil fuel plant ever permitted in Virginia and one of the cleanest in the
 United States.
     About Competitive Power Ventures
     CPV Maryland, LLC and CPV Warren, LLC are wholly-owned subsidiaries of
 Competitive Power Ventures. Established in 1999, Competitive Power Ventures
 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 please visit http://www.cpv.com.
 
 

SOURCE Competitive Power Ventures

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