Our history is one of stability, never stagnation. From our first day to the present day and beyond, our focus is always on the most cost effective means of meeting future needs while providing safe, affordable power today.
ODEC was incorporated under the laws of the Commonwealth of Virginia in 1948 as a not-for-profit power supply (generation and transmission) cooperative for the purpose of supplying the power its member distribution cooperatives require to serve their customers on a cost-effective basis.
ODEC purchased an 11.6% undivided ownership interest in the two-unit North Anna Nuclear Power Station, located in Louisa County, Virginia, from Virginia Electric and Power Company, representing ODEC’s first ownership of power generation.
Financing for the investment was provided by a loan from the Federal Financing Bank (FFB) which was guaranteed by the Rural Electrification Administration (REA). [Two of the 14 member distribution cooperatives that were members of ODEC at the time decided not to continue their membership in ODEC.] The [remaining] 12 member distribution cooperatives committed to purchase substantially all of their power requirements from ODEC pursuant to a wholesale power contract that extended through 2028.
ODEC began permanent construction of the two-unit Clover Power Station (Clover) in Halifax, Virginia, which would be owned jointly and equally by ODEC and Virginia Power. ODEC financed its ownership in Clover and refinanced all of its existing FFB debt by becoming the second generation and transmission cooperative to issue bonds under a Securities and Exchange Commission registration. With the prepayment of its REA-guaranteed FFB debt, ODEC was no longer regulated by the REA, and became subject to regulation by the Federal Energy Regulatory Commission (FERC).
Clover Unit 1 commenced commercial operation.
Clover Unit 2 commenced commercial operation.
ODEC became a member of PJM Interconnection, LLC, a regional transmission operator, to facilitate the transmission of power to its member distribution cooperatives located on the Delmarva Peninsula.
ODEC began construction of two natural gas-fired combustion turbines units at the Rock Springs Generation Facility in Rock Springs, Maryland.
ODEC began construction of the Louisa Generation Facility, a five-unit natural gas-fired combustion turbine facility located in Louisa County, Virginia.
ODEC began construction of the Marsh Run Generation Facility, a three-unit natural gas-fired combustion turbine facility located in Fauquier County, Virginia. The Rock Springs Generation Facility and the Louisa Generation Facility commenced commercial operation.
The Marsh Run Generation Facility commenced commercial operation.
Virginia Power joined PJM Interconnection LLC (PJM), thereby bringing all transmission systems utilized to deliver power to ODEC’s member distribution cooperatives under the operational control of PJM.
ODEC acquired transmission lines from Delmarva Power and Light Company in connection with A&N Electric Cooperative. ODEC entered into a settlement agreement with one of its then-current members, Northern Virginia Electric Cooperative (NOVEC), resulting in the termination of their contract. ODEC amended and extended its contract with the remaining 11 members through 2053.
Two of ODEC’s member distribution cooperatives, Rappahannock Electric Cooperative and Shenandoah Valley Electric Cooperative, acquired the distribution assets and rights to provide electric distribution services to customers of Potomac Edison Company of Virginia.
ODEC announced its intention to seek approval to develop and construct a natural gas-fired generation facility, named Wildcat Point Generation Facility, in Cecil County, Maryland.
Wildcat Point Generation Facility, a 1000 MW combined cycle natural gas power plant, located in Cecil County, Maryland (100% owned and operated by ODEC) became operational.