At CPV, we believe strongly that private businesses have both the capability and responsibility to act as environmental stewards in the areas of emissions reductions, water conservation and the efficient use of natural resources. This value is at the core of all business that we conduct.
As world leaders grapple with strategies to reduce overall emissions in the future, CPV is leading the way with private investment to cost-effectively reduce emissions in the present. Using a balanced approach, CPV is tackling emissions reductions with both conventional and renewable generation solutions.
Focusing on grid modernization, we have identified the improvement of America's conventional generation fleet, which currently provides over two thirds of our nation's electricity, as having tremendous potential for cost-effective emissions reductions. By replacing old, less-efficient and high-emitting resources with new, state-of-the-art and highly-efficient generation resources such as our CPV Energy Centers, we can achieve significant emissions reductions without sacrificing reliability. These new resources not only provide replacement power with a fraction of the emissions, but also provide the flexible capabilities necessary to integrate renewable energy onto the electric grid.
At the same time, we continue to grow our renewable energy development portfolio, which will further amplify the total emissions reductions that our facilities are responsible for.
We value the importance of local water resources and take special care to design all of our projects using advanced technologies that maximize water conservation. Each project's design is tailored to meet the individual needs of the community and surrounding region.
The CPV Valley Energy Center's 36-cell air cooled condenser, paired with the use of recycled grey water, dramatically reduces the facility's water consumption compared to a traditional wet-cooled facility, saving upwards of 825 million gallons annually.