Silver Spring, Md., April 13, 2012 — After a years-long process, the Maryland Public Service Commission approved the St. Charles Energy Center, developed by Competitive Power Ventures, Inc.
CPV St. Charles Energy Center is a combined-cycle natural gas-powered electric generating facility proposed for Charles County, Maryland. The project location was specifically selected by CPV to address Maryland's generation, transmission and environmental challenges.
The power plant is expected to deliver fiscal benefits to the Charles County Treasury in excess of $128 million and millions of dollars in additional economic benefits to the region are estimated with the construction and operation of the CPV St. Charles Energy Center.
Environmentally, this project reduces emissions of sulfur, nitrogen oxides and carbon dioxide by 65 to 99 percent compared to typical oil and coal fired plants. In addition, the project uses reclaimed water reducing nutrient discharge, helping clean up the Potomac River and Chesapeake Bay.
The construction of this project will employ 350-400 skilled workers and provide skilled jobs once in operation.
The CPV St. Charles Energy Center project represents a more than $500 million private infrastructure investment in Maryland's future to reliably and economically power our increasingly electricity-dependent lives.
The decision by the Maryland PSC is the culmination of a process that began over four years ago. Maryland ratepayers were reeling at the time from electric rate cap removal shock, so state leaders decided to embark upon an effort to take Maryland's electric system in a new, better, more self-reliant direction.
The Maryland PSC commissioned studies by energy market design and analysis experts, Levitan Associates. These studies looked at both Maryland's energy markets and infrastructure.
The primary conclusion of these studies was that Maryland ratepayers were paying much higher electricity rates because of the need for new in-state generation infrastructure. Levitan also pointed to the overall aging of Maryland's current generating fleet and the room for environmental improvement as critical focus areas.