11/2/2009 3:09:04 PM

Old Dominion Electric Cooperative (ODEC) and Exelon Generation have announced the signing of a long-term power purchase and sale agreement. Under the terms of the contract, Exelon will begin supplying 200 megawatts (MW) of electricity to ODEC for ten years beginning in June 2010.

ODEC is the power supplier for eleven member electric distribution cooperatives that serve consumers in portions of Delaware, Maryland and Virginia. This purchase and sale agreement with Exelon is the first contract to be awarded as part of ODECs on-going Request for Power Supply Proposals (RFP) initiated in June 2009. Through this RFP process, ODEC is evaluating additional proposals that will help meet a portion of the future needs of its member co-ops for reliable and affordable energy.

ODEC is pleased that our RFP process has resulted in this agreement with Exelon Generation, said Lisa Johnson, ODEC senior vice president of power supply. This additional resource will help us meet our goal of continuing to provide low cost and stable wholesale power supply to our member cooperatives and their consumer-members for the next decade.

This transaction adds a market-based outlet for Exelons low carbon-emitting generation, said Kenneth W. Cornew, president of Exelon Power Team, the companys wholesale power marketing division. We are helping to meet some of ODECs needs for supply reliability at a known price. Power Team values doing business with customers like ODEC that have exceptional credit ratings and financial stability, and we look forward to helping ODEC meet the needs of their members into the future.
At ODEC, our goal is to further diversify our portfolio of energy resources through both our own generation and contracts with other energy producers. While this agreement with Exelon Generation will be an important component in achieving this goal, it will not meet all of our needs in the future, Johnson added. While we will continue to expand our efforts to assist our member cooperatives and their consumers in reducing their energy consumption through more efficient use of electricity, we will also pursue additional base load and renewable energy resources.

Johnson also noted that ODECs plans include the continued development of the proposed Cypress Creek Power Station in southeastern Virginia, potential participation in a third generation unit at Dominion Virginia Powers North Anna Nuclear Power Station, and the addition of economically viable renewable resources such as wind generation, biomass generation, landfill gas generation, solar and hydro power.

Old Dominion Electric Cooperative is a generation-and-transmission cooperative (G&T) that provides wholesale power to Northern Neck Electric Cooperative and 10 member electric distribution cooperatives in Virginia, Maryland and Delaware. ODEC and its member systems are not-for-profit electric cooperatives that are owned by the consumer-members they serve. ODEC currently owns 11.6% of the North Anna Nuclear Power Plant in Louisa County, VA and 50% of the Clover Power Station in Halifax County, VA. The Cooperative also owns and operates generation facilities in Louisa and Fauquier counties in Virginia and has a 50% ownership of a generation facility in Cecil County, MD. For more information, visit www.odec.com.