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

600,000 homes



    RICHMOND, Va., March 4 /PRNewswire-FirstCall/ -- 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,
 6,000 miles of electric transmission lines, 14,000 miles of natural gas
 transmission, gathering and storage pipeline, and 1.1 trillion cubic feet
 equivalent of natural gas and oil reserves. 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 http://www.cpv.com.
 
 
 

SOURCE Dominion and Competitive Power Ventures

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