Decision Made on Proposed Oxford Power Plant

The Oxford Power Plant will be built.

Competitive Power Ventures (“CPV”) announced today that it has received approval from the Connecticut Siting Council (“the Council”) to construct its proposed state-of-the-art, 785-megawatt (MW) nameplate capacity CPV Towantic Energy Center in Oxford.

The Council’s decision was made at a meeting today in New Britain where members voted by a 5-2 margin to approve the facility.

“We are extremely grateful to the Connecticut Siting Council, the many other Connecticut agencies and scores of staff for their hard work in assessing all the various aspects of the CPV Towantic application, and in the end determining it is in the public interest to proceed with this major private energy infrastructure project, ” said Gary Lambert, CPV President in a prepared statement. “We’d also like to express our deep appreciation to the citizens and government of the Town of Oxford and neighboring towns for their hard work in helping make this the best possible project.”

The Towantic Energy Center was originally approved by the Council in 1999 as a 512-MW project, but was never built due to market conditions. CPV entered into a partnership with GE Energy Financial Services in 2012 to redevelop the project. In 2014, New England’s grid operator (ISO-New England) announced the retirement of approximately 10 percent of the region’s total electric generating capacity, with more expected in the years to come.

Based upon this forecast, and changes to the ISO-NE Forward Capacity Market which allows financing of a major infrastructure project such as this, CPV filed with the Council in November to update the design of the Towantic project based on newer, more efficient GE combined-cycle generating technology, according to CPV in a prepared statement. During the ensuing six months, the Council weighed the application, along with significant public comment and participation, in order to arrive at today’s decision.

CPV plans to finance the project during Q3 2015 with the start of construction slated for the fourth quarter. Construction is expected to take approximately 30-months and employ approximately 500 workers at peak construction with COD targeted for 2018.

“We commend today’s decision by the Siting Council. This is a great project and the jobs created by this major energy infrastructure investment are substantial and extremely welcomed by the hard-working construction tradespeople of Connecticut,” said Dave Roche, President of the Connecticut State Building Trades Council. “CPV has been an excellent partner to labor on this and many other projects across the U.S.”

The CPV Towantic Energy Center represents one of the largest private-sector infrastructure projects in the region. The University of Connecticut’s Center for Economic Analysis (CCEA) released a study in January 2015 which projects construction and operation of the CPV Towantic Energy Center (CPV Towantic) in Oxford, CT will create significant new employment and will generate more than $7.9 billion in new personal income for Connecticut residents over the next 25 years. The study noted the benefits of the project will be concentrated inthe region where the project is located.