Competitive Power Ventures, which is building a power plant under a New Jersey program to subsidize the creation of additional electricity capacity, broke ground today on its natural gas-fired plant in Woodbridge.
The plant, at the former EPEC Polymers Inc. site on the 655-acre Keasbey Redevelopment Zone in Woodbridge, is part of the ongoing remediation, restoration and redevelopment of Keasbey, designated a Brownfields Redevelopment Area in 2009 by the state Department of Environmental Protection.
The CPV plant is part of the state's Long-Term Capacity Agreement pilot program, or LCAPP. In 2015, the state is expected to pay CPV nearly $30 million under the subsidiary program. Hess Corp. plans to build a subsidized plant in Newark that is expected to receive a payment of $12 million in 2016. The state Board of Public Utilities has agreed to make payments to cover the difference between the price guarantees offered by the BPU and what the utilities will pay the firms for electricity.
Jeff Tittel, director of the New Jersey chapter of the Sierra Club, said LCAPP is a bad deal for New Jersey taxpayers: "With this money, we should be investing in wind and solar, which will create thousands of permanent jobs while reducing air pollution."