WV PSC Approves Massive 2,060 MW Gas-Fired Plant for Doddridge Co.
In September 2022, Competitive Power Ventures (CPV) announced that it had selected West Virginia for a 1,800-megawatt (later upgraded to 2,060 MW), combined-cycle natural gas power station that also uses carbon capture and storage (see CPV Announces Plans for Massive $3 Billion, 1,800 MW Gas-Fired Plant in WV). At that time, CPV was not prepared to announce where the massive new power plant would be built — but later confirmed that the project, called the Shay Energy Center, would be located in Doddridge County (see CPV Confirms Doddridge County, WV Location for Gas-Fired Plant). In January of this year, we questioned why there has been no word on the status of this important project (see WV Still Waiting to Build State’s First Big Gas-Fired Power Plant). We are delighted to report the WV Public Service Commission (PSC) approved the Shay Energy Center on Monday. Let the bulldozers start!
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Chesapeake Energy issued its first quarter 2024 update yesterday. The ongoing low price of natural gas and Chesapeake’s previously announced curtailment of ~25% of its production caused the company to miss Wall Street estimates (of $87 million) for first-quarter profit. Chessy made $26 million in net income during 1Q24 versus making $1.4 billion in 1Q23. Ouch. Chesapeake’s net production in the first quarter was approximately 3.20 Bcfe/d (100% natural gas), utilizing an average of nine rigs to drill 28 wells and place 29 wells on production while building an inventory of 24 drilled but uncompleted (DUCs) wells and 22 deferred turn in lines (TILs).
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