Old Dominion Electric Cooperative strikes energy deal

Old Dominion Electric Cooperative has struck a deal with Exelon Generation to supply the Glen Allen-based co-op with 200 megawatts of electricity for 10 years beginning in June.

ODEC is the power supplier for 11 electric-distribution cooperatives serving portions of Delaware, Maryland and Virginia.

The agreement with Chicago-based Exelon is the first contract awarded as part of ODEC's June request for power-supply proposals.

The two utilities did not release the terms of the fixed-price agreement. ODEC officials noted that they are considering other proposals from energy suppliers.

However, Lisa Johnson, ODEC's senior vice president for power supply, said: "It is cost-competitive with our current view of the market."

"This additional resource will help us meet our goal of continuing to provide a low-cost and stable wholesale power supply to our member cooperatives and their consumer-members for the next decade," Johnson said.

With more than $1.5 billion in assets and about $1 billion in 2008 revenue, the nonprofit Old Dominion Electric Cooperative provides its members with 2,000 megawatts of electricity, generating 1,800 megawatts from its own capacity.

One megawatt can provide electricity to operate 250 homes.

ODEC's local retail distribution cooperatives serve 400,000 subscribers in Virginia, Maryland and Delaware.

Old Dominion's plans include development of the proposed Cypress Creek Power Station in southeastern Virginia, potential participation in a third generation unit at Dominion Virginia Power's North Anna Nuclear Power Station, and addition of economically viable renewable resources.

Exelon is one of the nation's largest electric utilities with about $19 billion in annual revenue. Exelon distributes electricity to 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to 485,000 customers in the Philadelphia area.

Contact Peter Bacqué at (804) 649-6813 or .