Ohio Valley Electric Corporation
Ohio Valley Electric Corporation Headquarters Location
Piketon, OH
About Ohio Valley Electric Corporation
Down by the banks of the Ohio, Ohio Valley Electric and its subsidiary, Indiana-Kentucky Electric, generate power for customers across the Ohio River Valley. It operates two coal-fired plants which collectively have almost 2,400 MW of generating capacity. Ohio Valley Electric's Kyger Creek Plant (Cheshire, Ohio) and Indiana-Kentucky Electric's Clifty Creek Plant (Madison, Indiana) are linked by 776 miles of transmission lines. Most of Ohio Valley Electric's power goes to its shareholders, (a dozen investor-owned utilities, utility holding entities (led by American Electric Power), and units of generation and transmission rural electric cooperatives). It also supplies energy to the Department of Energy.
Like other utilities with aging power plants, the company is investing heavily in flue gas desulfurization (FGD) retrofit projects at its power facilities to be compliant with clean air regulations. In 2010 the company announced plans to fund the FGD construction projects at the Kyger Creek plant (for $661 million) and the Clifty Creek plant (for $687 million). The upgraded systems are targeted to both be operational by mid-2013.
The company reported a growth in revenues in 2010, thanks to higher wholesale prices, despite lower power demand from its members. However, higher fuel and operating costs pushed down its net income for the year.
Ohio Valley Electric was formed in 1952 by several regional utilities to provide power to a US government uranium enrichment plant near Portsmouth, Ohio, with excess power going to the utilities. However, that plant was shut down in 2001. A new arrangement in 2003 made all of Ohio Valley Electric's generating capacity available to the sponsoring utilities, and the Department of Energy.
In 2009 Buckeye Power's Buckeye Power Generating, LLC unit acquired a 9% stake in Ohio Valley Electric from a subsidiary of FirstEnergy, boosting its holding to 18%.
In 2010 Ohio Valley Electric's other major shareholders included American Electric Power (39%) and Duke Energy Ohio (9%).
Like other utilities with aging power plants, the company is investing heavily in flue gas desulfurization (FGD) retrofit projects at its power facilities to be compliant with clean air regulations. In 2010 the company announced plans to fund the FGD construction projects at the Kyger Creek plant (for $661 million) and the Clifty Creek plant (for $687 million). The upgraded systems are targeted to both be operational by mid-2013.
The company reported a growth in revenues in 2010, thanks to higher wholesale prices, despite lower power demand from its members. However, higher fuel and operating costs pushed down its net income for the year.
Ohio Valley Electric was formed in 1952 by several regional utilities to provide power to a US government uranium enrichment plant near Portsmouth, Ohio, with excess power going to the utilities. However, that plant was shut down in 2001. A new arrangement in 2003 made all of Ohio Valley Electric's generating capacity available to the sponsoring utilities, and the Department of Energy.
In 2009 Buckeye Power's Buckeye Power Generating, LLC unit acquired a 9% stake in Ohio Valley Electric from a subsidiary of FirstEnergy, boosting its holding to 18%.
In 2010 Ohio Valley Electric's other major shareholders included American Electric Power (39%) and Duke Energy Ohio (9%).
Number of Employees in Ohio Valley Electric Corporation
201 to 500
Ohio Valley Electric Corporation Revenue
$500M to $1B (USD)
Industry