Old Dominion Electric Cooperative said in its Aug. 9 quarterly Form 10-Q filing that the 1,000-MW Wildcat Point project in Maryland is in construction and scheduled to become operational in mid-2017.
Wildcat Point is a 1,000 MW natural gas-fueled combined cycle facility located in Cecil County, Maryland. In April 2014, the cooperative received a final approval order from the Maryland Public Service Commission. In June 2014, it selected White Oak Power Constructors as the EPC contractor and permanent construction began in January 2015. Old Dominion currently anticipates that the project cost will be approximately $834.3 million, including capitalized interest.
Wildcat Point’s major equipment will consist of two Mitsubishi combustion turbines, two Alstom heat recovery steam generators, and one Alstom steam turbine generator. Through June 30, 2016, Old Dominion capitalized construction costs related to Wildcat Point totaling $626.4 million, including $26.3 million of capitalized interest.
In other developments for the cooperative:
- It has a wholesale power contract with each of its member distribution cooperatives. One of the limited exceptions in the contracts permits the member distribution cooperatives to receive up to the greater of 5% of their power requirements or 5 MW from owned generation or other suppliers. As of March 31, 2016, member distribution cooperatives collectively received approximately 9 MW under this exception. Beginning May 1, 2016, member distribution cooperatives collectively receive approximately 60 MW under this exception. “We do not anticipate that this will have a material impact on our financial condition, results of operations, or cash flows,” said the cooperative.
- In Virginia, retail choice in the selection of a power supplier is available to customers that consume at least 5 MW of power individually or in the aggregate (with aggregation subject to the approval of the Virginia State Corporation Commission) and that do not account for more than 1% of the incumbent utility’s peak load during the past year. Currently, no customer of the member distribution cooperatives has elected to choose an alternate supplier under this provision. Retail choice is also available to any customer whose noncoincident peak demand exceeds 90 MW. Beginning June 1, 2016, Bear Island Paper WB LLC, a commercial customer of Rappahannock Electric Cooperative and the only customer of any of the member distribution cooperatives that has noncoincident peak demand that exceeds 90 MW, elected to purchase its power requirements from an alternate supplier. During 2015, Bear Island represented approximately 3.3% of Old Dominion revenues from its member distribution cooperatives. “We do not anticipate that this will have a material impact on our financial condition, results of operations, or cash flows,” the cooperative added.