CPV Warren LLC Files With SCC to Go Forward in Warren County With Virginia's Cleanest Gas-Fired Generating Facility

    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

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