Power plant developer Competitive Power Ventures has launched a retail power supply company for commercial and industrial customers in the PJM Interconnection market, the company said Thursday.
CPV Retail Energy, owned by CPV Group, plans to expand to New England and New York, according to the company.
CPV Retail Energy, based in Silver Spring, Maryland, will use power from CPV Group’s assets, which include combined-cycle gas-fired power plants. The parent company also has a pipeline of wind, solar and dispatchable resources with carbon capture under development, CPV said.
CPV Group has ownership interests in more than 12,800 MW of generation projects that are in development, under construction or in operation, Matthew Litchfield, CPV director of external and regulatory affairs, said in an email Friday. About 8,500 MW of that capacity is combined-cycle natural gas projects and 4,300 MW are renewable projects, he said.
CPV Group owns 1.4 GW in eight operating or in-construction generating plants, CPV Retail said in a May application for permission to sell electricity in Pennsylvania. The Pennsylvania Public Utilities Commission approved the application in August.
“As a wholly owned and controlled subsidiary of [CPV] Group, CPV [Retail] will have direct access to and will be able to leverage Group’s resources and expertise in successfully operating its retail energy company,” the company told the PUC.
In Pennsylvania, CPV Group owns the 1,050-MW, gas-fired Fairview Energy Center and a 100-MW solar project, according to the company.
Some of the company’s other projects include a 200-MW solar project under construction in Maryland and the 1,250-MW Three Rivers gas-fired plant set to start operating this year in Illinois.
CPV Retail plans to offer customers various pricing options, including fixed-price, fixed-price with pass throughs and a combination of fixed and floating prices, according to its application with the Pennsylvania PUC. Customers may buy 100% wind and solar or a blend of renewables and gas, according to the company.
CPV Group is a partnership majority-owned by OPC Energy, a privately held company based in Israel.