Dominion to Partner With BP on Indiana Wind Power Project
Partnership covers 650 megawatts of 750-megawatt project
Project adds to Dominion’s growing renewable energy portfolio
Deal includes long-term purchase of 200 megawatts of facility’s production
RICHMOND, Va. – Dominion (NYSE: D) announced today that it has acquired
a 50 percent interest in the Fowler Ridge Wind Farm from BP Alternative Energy
Inc. The facility is in Benton County, Indiana, about 90 miles northwest
of Indianapolis.
"This project is a perfect fit for Dominion’s
plans to increase our renewable energy portfolio substantially in light of
the nation’s
growing demand for clean energy," said Thomas F. Farrell II, Dominion
chairman, president and chief executive officer. "The site is located
in an area with an excellent wind resource in PJM, and we are pleased to be
partnering with BP, a company that is well known as a premier renewable energy
developer."
The Fowler Ridge facility is expected to be built in
two phases and generate a total of 750 megawatts. Dominion and BP are partners for
650 megawatts, with BP retaining sole ownership of 100 megawatts. The
first phase of approximately 222 turbines producing up to 400 megawatts is
expected to be operating by the end of this year. Dominion has entered
into a long-term power purchase agreement for 200 megawatts. Construction
of the second phase of 350 megawatts could begin as early as 2009. Terms
were not disclosed.
The entire facility will be in PJM Interconnection,
the independent operator of the electric transmission system and the wholesale
energy market in 13 states and the District of Columbia. PJM’s
regional grid stretches from Chicago to the Mid-Atlantic.
The Fowler Ridge Wind
Farm is Dominion’s second wind-to-electricity
project. The company is a 50-percent partner in a 264-megwatt facility in Grant
County, W.Va. Dominion has another 413 megawatts of renewable generation
already in place, providing enough electricity to power more than 100,000 homes
during times of peak demand.
About Dominion
Dominion is one of the nation's largest
producers and transporters of energy, with a portfolio of approximately 26,500
megawatts of generation, 7,800 miles of natural gas transmission pipeline and
1 trillion cubic feet equivalent (Tcfe) of proved natural gas and oil reserves.
Dominion also owns and operates the nation's largest underground natural gas
storage system with about 960 billion cubic feet of storage capacity and serves
retail energy customers in 11 states. For more information about Dominion,
visit the company's Web site at http://www.dom.com/.
About
BP Alternative Energy/BP America
BP
Alternative Energy, launched
in November 2005, combines all of BP’s
interests in low and zero-carbon energy including wind, solar, hydrogen power
with carbon capture and storage, natural gas-fired power generation, biofuels
for low carbon transport and distributed energy for emerging markets. BP
Alternative Energy is one of the leading wind developers in the US and has portfolios
in Europe, Asia & Latin America. BP’s US wind portfolio includes
the opportunity to develop almost 100 projects with a potential total generating
capacity of 15,000 MW. BP
America is the largest producer of oil and gas
in the United States and one of the nation’s largest energy investors.
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CONTACTS:
Media:
Dan
Genest, (804) 771-6115
BP Press Office, (202) 457-6603
