CPV: A Private Equity Fracking Play

Competitive Power Ventures (CPV), an energy company behind nine planned or operational natural gas power plants across the US and Canada, has faced strident local opposition to several of its east coast projects. Proposed plants in New York and Connecticut have highlighted how CPV uses political influence, including the hiring of well-connected lobbyists and political operators, to override opposition to the projects. In New York, construction of CPV’s Valley natural gas plant continues, though Governor Andrew Cuomo has ordered state agencies to suspend all communication and regulatory proceedings with CPV amid a federal law enforcement investigation of the company’s dealings with a top Cuomo aide.

Behind CPV are Wall Street interests – including alumni of Credit Suisse and General Electric – that have invested in the company through a private equity firm called Global Infrastructure Partners (GIP). This post highlights the private equity backers seeking profit from CPV’s business. Future posts will explore how CPV has pushed its gas projects forward, even in the face of grassroots protest and carbon reduction goals.

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