RICHMOND, Va., March 14 /PRNewswire-USNewswire/ -- Competitive Power Ventures, through its affiliate CPV Warren LLC, today filed with the Virginia State Corporation Commission to extend the life of its existing permit to move forward with the cleanest natural gas facility ever licensed in Virginia and among the cleanest natural gas facilities in the United States. CPV Warren previously obtained the primary local and state permits needed to build the 600-megawatt environmentally-friendly facility. But construction was delayed because of the downturn in investment in new power generation nationally. Today's filing with the SCC represents significant progress towards moving the project to the final stages of development, said Sharon K. Segner, project director of CPV's Warren facility. Ms. Segner said the timing is now appropriate to move forward with building the facility because of: 1) Increasing electricity reliability concerns in Northern Virginia, particularly starting in the Summer of 2011; 2) Demand for clean electricity generated by state-of-the-art facilities continues to increase, outstripping existing supply and conservation efforts; 3) The capital markets for financing power projects have improved. Ms. Segner noted that CPV Warren's environmental features are impressive, making it the cleanest natural gas facility of its size to be licensed in Virginia and among the cleanest in the United States. CPV Warren will employ state-of-the-art combined cycle power generating technology and air pollution control systems. It will also employ dry cooling, a state-of-the-art water conservation technology that uses only about 3 percent of the water that a conventional natural gas-fired plant uses. The project continues to have strong support in Warren County. When operational, CPV Warren will pay county property taxes estimated to be no less than $1.9 million annually, and the project will be a source of well-paying construction and permanent jobs. Additionally, the project will increase reliability of the power supply in the area. Pending receipt of regulatory approvals, the company targets construction to begin in Spring 2008 and commercial operations to begin in Summer 2010. The site for CPV Warren is on land zoned for industrial use in the Warren and Kelley industrial parks, and the facility will connect with the PJM Interconnection system through the existing Dominion Virginia Power and Allegheny transmission lines nearby. Last September, CPV announced that the global private equity firm Warburg Pincus is investing up to $200 million to assist in CPV's developing a portfolio of new natural gas-fired power generation projects that could grow to 6,000 MW in the United States and Canada. CPV Warren will be among the projects included in the portfolio. CPV Warren is a Maryland-based limited liability company established in 2001 for the purpose of developing the facility in Warren County. Established in 1999, Competitive Power Ventures is a North American power industry development and asset management company. In addition to its headquarters in Silver Spring, Maryland, CPV has offices in Braintree, Massachusetts; Lakewood, Colorado; and San Francisco, California. 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. In addition to its natural gas-fired generation development program, the company has over 3,500 MW of wind power projects in active development and manages over 5,500 MW of operational natural-gas fired, combined cycle plants throughout the United States. For more information please visit http://www.cpv.com.
SOURCE Competitive Power Ventures