CPV to Invest Multi-Billion Dollars in New Natural Gas Power Station

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Competitive Power Ventures

Competitive Power Ventures (CPV) has plans to develop a ~1,800 MW combined-cycle natural gas power station by making use of carbon capture and storage (CCS). The company has chosen West Virginia in the USA as the site for the project due to the state’s recently expanded 45Q federal tax credit to incentivize carbon capture and sequestration for power generation.

Charleston/USA – Competitive Power Ventures (CPV) recently announced that it has selected West Virginia for a ~1,800 MW combined-cycle natural gas power station utilizing carbon capture and storage. Following permitting and construction, the project will go into operation later this decade. The project was made possible by the advancement of the recently passed federal legislation, known as the Inflation Reduction Act, that expanded the 45Q federal tax credit for carbon capture.

“CPV is pleased to work closely with West Virginia to bring this project to fruition in the coming years. This project and technology represent a significant step forward for our Nation in deploying low carbon, dispatchable generation critical to maintaining reliability as we address our collective concerns regarding climate change,” said Gary Lambert, CEO of Competitive Power Ventures.

The 45Q federal tax credit was recently expanded to incentivize carbon capture and sequestration for power generation. Earlier this year, the state of West Virginia passed legislation that was signed into law by Governor Jim Justice establishing state rules for carbon sequestration. Together, these two actions make West Virginia an ideal location for this investment.

“Competitive Power Ventures’ multi-billion-dollar investment in this combined-cycle power plant demonstrates that West Virginia can provide natural gas to markets in our neighboring states, as needed energy supplies for our allies abroad, as a manufacturing input here at home and across America, as well as power generation here in West Virginia,” said Senator Shelley Moore Capito. “I’m proud that my bipartisan work on the 45Q carbon capture tax credit – and in specifically calling for the addition of a direct pay option – paved the way for this project, which I hope will be the first of several carbon capture, utilization, and storage investments in West Virginia.”

The construction of the project will utilize well over 1,000 skilled tradespeople from across the region, including prevailing wage labor and apprenticeships, to fulfill the requirements created by the Inflation Reduction Act to utilize the expanded tax credits for carbon sequestration. The natural gas utilized by the facility will support hundreds of additional jobs in West Virginia.

The project has already started the extensive regulatory approval process. Once finalized, a firm timeline for commercial operations will be announced.

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