BALTIMORE, April 19, 2001 Construction is on schedule for a natural gas-fired power plant being built by a subsidiary of Constellation Energy Group (NYSE: CEG – news) in Neal, W. Va. The Big Sandy plant is slated to begin commercial operation this July.
The “peaking” plant, which will provide 300 megawatts of electricity to regional wholesale power markets during times of peak energy demand, is one of four such plants under construction, also on schedule, in North America for Constellation Energy Group to help provide power this summer. The others are in Illinois, Pennsylvania, and Virginia.
When completed, the four peaking plants will add 1,100 megawatts of electricity to Constellation Energy Group’s domestic generation portfolio, and support the corporation’s nationally ranked power marketing and trading business.
“In addition,” said Constellation Energy Group Co-President Charles Shivery, “our Big Sandy plant will bring numerous benefits to West Virginia, from added tax revenues to clean, efficient energy sources in a region where additional electricity is needed.”
The Big Sandy Peaking Plant is being built on a 45-acre site at Neal, between U.S. 52 and the Big Sandy River in Wayne County. Spectrum Energy, Charlotte, N.C., is providing engineering, procurement, and construction services.
In addition to the four peaking plants due on-line this summer, Constellation Energy Group is building four other merchant power plants scheduled to begin commercial operations over the next two years. Those plants are under construction in California, Florida, Illinois, and Texas.
Constellation Energy Group (NYSE: CEG – news) is a holding company with energy- related businesses focused mainly on power marketing, generation, and energy portfolio management. It includes the nation’s oldest utility, Baltimore Gas and Electric Company, which provides service to more than 1.1 million electric customers and nearly 600,000 natural gas customers in Central Maryland. Constellation Energy Group reported combined revenues of $3.9 billion and assets of $12.4 billion in 2000.
Officials of Constellation Energy Group, www.constellationenergy.com, recently announced strategic plans to separate the company’s wholesale merchant energy and retail energy businesses into two stand-alone, publicly traded corporations later this year. CEG affiliates currently own more than 6,000 megawatts of electric generation throughout North America. Its electricity trading group, Constellation Power Source, ranks in the nation’s Top 10.
SOURCE: Constellation Energy Group