Competitive Power Ventures (CPV) announced Friday that it is launching CPV Retail Energy, a subsidiary to sell power from its “low-emitting” combined cycle plants within the PJM grid to commercial and industrial customers.
“CPV is excited to launch this new platform, which will enable the company to share the benefits of its renewable and world-class low-carbon fleet directly with customers,” Qadir Khan, president of CPV Retail Energy, said in an announcement of the launch. “The retail team has decades of experience in building successful retail platforms, and we look forward to developing this new customer-focused platform.”
Matt Litchfield, director of external and regulatory affairs, told RTO Insider that CPV has a unique generation fleet in that most of its traditional thermal assets have come online since 2016, meaning its units have some of the most efficient and low-emission technology. The company also has more than 4,000 MW of renewables in its development queue across the nation, which brings its total generation to 7,000 MW in development, construction and operation.
“There’s other companies out there that offer renewable options, which we will as well, but there’s not a lot of other companies out there offering a low-carbon product as well,” Litchfield said of the company’s reasons for entering the retail market.
The company is also embarking on a $3 billion development of an 1,800-MW combined cycle facility equipped with carbon capture technology in West Virginia, in part using tax credits under the federal Inflation Reduction Act. Litchfield said the project is indicative of the type of low- and zero-carbon emitting generation options the company will offer to consumers.
With the majority of the company’s assets based within the PJM footprint, CPV Retail Energy will begin by focusing its operations in Delaware, Illinois, Maryland, New Jersey, Ohio, Pennsylvania and D.C. The company has plans to expand into New York and New England.
“With plans and products from CPV Retail Energy, customers will have access to reliable electricity sourced from a company that is not only committed to the environmentally responsible production of electricity, but that also places a strong emphasis on being a good corporate citizen and operating with integrity,” Khan said in the announcement. “We can’t wait to get started growing CPV Retail Energy into a premier ‘Greentailer’ in the retail electric power industry and offer customized pricing plans including 100% renewable options.”
