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
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.
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