Progress Ventures to Provide NCMPA1 with Additional
Peaking Capacity
Raleigh, NC, February 23, 2006 – North
Carolina Municipal Power Agency Number 1 (NCMPA1) and Progress Ventures,
Inc. have announced a new agreement whereby Progress Ventures will
provide NCMPA1 with 100 to 150 MW of peaking capacity. The contract
will run from 2011 through 2030 with energy coming from Progress
Ventures’ generating facility located in Rowan County, N.C.
The Rowan County facility consists of five natural gas-fired units
totaling 920 MW of simple and combined cycle generation. Currently
Progress Ventures provides 50 MW of peaking capacity and energy,
under a separate contract, to NCMPA1 through 2015.
“We look forward to working with Progress Ventures to ensure
that long-term, reliable and economical peaking capacity is available
for NCMPA1’s member cities,” said Jesse Tilton, CEO
of ElectriCities.
“We are pleased to be expanding our relationship with NCMPA1.
This long-term transaction is a win-win that provides a great fit
between our Rowan resource and the needs of NCMPA1 and its North
Carolina customers.” said Mark Mulhern, President of Progress
Ventures.
NCMPA1 is the full-requirements supplier to 19 municipal utility
members within the Duke Energy (Duke) service area in the piedmont
and western parts of North Carolina. NCMPA1 chose Progress Ventures
from among a large number of proposals based on a number of advantages,
including its location within Duke's control area and competitive
pricing.
Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is
a Fortune 250 diversified energy company with more than 24,500 megawatts
of generation capacity and $10 billion in annual revenues. The company's
holdings include two electric utilities serving approximately 3
million customers in North Carolina, South Carolina and Florida.
Progress Energy also includes nonregulated operations covering merchant
generation, energy marketing and natural gas exploration. Progress
Energy was the 2005 recipient of the prestigious J.D. Power and
Associates Founder's Award for dedication, commitment and sustained
improvement in customer service. For more information about Progress
Energy, visit the company's Web site at http://www.progress-energy.com.
ElectriCities of North Carolina, Inc. provides customer service
and safety training, emergency and technical assistance, communications,
government affairs and legal services to public power cities. ElectriCities
also provides management services to the state’s two municipal
power agencies: North Carolina Municipal Power Agency Number One
(NCMPA1) and its counterpart in the east, North Carolina Eastern
Municipal Power Agency (NCEMPA). NCMPA1 has 19 member cities and
NCEMPA has 32 member cities. More information about ElectriCities
and the power agencies is available on the Internet at www.electricities.com.
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Press Release