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Reliant, Old Dominion Co-op Form Alliance

Reliant, Old Dominion Co-op Form Alliance

Old Dominion Electric Cooperative and Reliant Energy signed a five-year business alliance to evaluate the development of up to 2,400 MW of new power generation, while partnering on retail marketing operations in the Mid-Atlantic states.

Old Dominion, headquartered in Glen Allen, VA, is a power supply cooperative with 12 member electric distribution cooperatives, 10 in Virginia, and one each in Maryland and Delaware. These co-ops serve over 410,000 member owners, covering one million people in rural communities and emerging suburbs in the three-state area. Old Dominion owns 650 MW of generating capacity and purchases its remaining generation needs on the wholesale market. Over the next five years, Old Dominion's planned wholesale energy transactions will exceed $1.5 billion.

"Both parties will maintain individual autonomy and decision-making, yet we have a strong commitment to achieving common goals," said Old Dominion CEO Jackson E. "Jack" Reasor, Jr. He added the alliance will enable the two companies to grow into retail markets across Virginia, Maryland and Delaware as they deregulate.

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