NEW GREEN PUBLIC PRIVATE PARTNERSHIP TO PRODUCE SOLAR ENERGY IN 2009
Tuesday, February 03, 2009
Conectiv Energy announced today, they intend to enter an agreement with the Vineland Municipal Electric Utility (VMEU) and the Landis Sewerage Authority (LSA) to create a public/private partnership focused on developing a green energy project, in the state of New Jersey.
The initial project is a design-build 4MW Photovoltaic solar power generating facility. The facility will be located in the City of Vineland and will utilize industrially zoned property on 28 acres of LSA property which is currently unused.
VMEU will take all the power from the facility through a long term power purchase agreement. The terms of the power purchase agreement will guarantee a savings over power market costs for the customers of VMEU for all energy produced by the solar facility.
The solar energy facility, one of the largest in New Jersey will be named Vineland Solar One. It is expected to start producing green energy by the end of 2009.
When the facility is producing at its maximum output, it will generate enough solar energy to serve the electricity needs of 400 to 500 averaged sized homes in Vineland.
Conectiv Energy will retain the solar renewable energy credits (SRECs) produced by the project to use for the load they serve in New Jersey as a result of the BGS auction process.
“This project accelerates the reality of a greener future for the residents of the City of Vineland and the customers of Vineland Electric” said Vineland Mayor Robert Romano, “the partnership is a platform to look at similar opportunities in the future.”
“We are pleased to be a part of a forward-looking and fiscally responsible partnership” said M.Q. Riding, Conectiv Energy’s Director of Communications & Public Affairs, “the greening of America needs to start now, with viable projects like this one.”
About Conectiv Energy: Conectiv Energy is the competitive wholesale energy producing subsidiary of Pepco Holdings Inc. (NYSE: POM). The company is an asset-backed merchant energy business using risk management tools, regional expertise and intellectual capital to optimize the value of its regional energy portfolio in the wholesale energy marketplace.
About PHI: Pepco Holdings, Inc. is a diversified energy company with headquarters in Washington, D.C. Its principal operations consist of PHI Power Delivery, which delivers 50,000 gigawatt-hours of power to more than 1.7 million customers in Washington, D.C., Delaware, Maryland, New Jersey and Virginia. PHI engages in regulated utility operations by delivering electricity and natural gas, and provides competitive energy and energy products and services to residential and commercial customers. Conectiv Energy, a subsidiary of Pepco Holdings, Inc., operates a portfolio of highly flexible power plants within the PJM Interconnection power pool serving the Middle Atlantic states and uses a wholesale merchant unit to optimize the value of its energy portfolio.
Forward-Looking Statements: Except for historical statements and discussions, the statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. These statements contain management’s beliefs based on information currently available to them and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the company’s control. In connection with the transaction, additional important factors that could cause actual results to differ materially from those in the forward-looking statements herein include risks and uncertainties relating to delays in obtaining, or adverse conditions contained in, related regulatory approvals, changes in economic conditions, availability and cost of capital, changes in weather patterns, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of the company.
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