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updated: 8/26/2009 8:36:18 AM
Green Project to Include Indiana
InsideINdianaBusiness.com Report
Indiana will be one of seven states included in a new renewable energy transmission network project. ITC Holdings Corp. (NYSE: ITC) is working to create a 3,000 mile electrical system which would facilitate the flow of up to 12,000 megawatts of renewable energy. The project would cross portions of Indiana, as well as North Dakota, South Dakota, Minnesota, Iowa, Wisconsin and Illinois. ITC recently signed an expression of interest to collaborate on the project with NorthWestern Energy (NYSE: NWE).
Source: Inside INdiana Business
Press Release
Novi, Mich. -- ITC Holdings Corp. (NYSE: ITC) and NorthWestern Energy (NYSE: NWE) announced today they have signed an expression of interest to collaborate on development of ITC's seven-state Green Power Express transmission project.
The NorthWestern partnership is one of several ITC anticipates signing in support of the 3,000 mile, 765 kilovolt (kV) electrical system - a system expected to facilitate the flow of up to 12,000 megawatts (MW) of renewable energy from the upper Midwest to load centers in central Midwest and mid-Atlantic regions of the country.
"We welcome NorthWestern's interest and participation in the Green Power Express and see this agreement as another important milestone in our effort to bring this project to fruition," said Edward M. Rahill, president, ITC Grid Development, LLC. "It is clear that this project is gathering steam and will play an important role in supporting the development of reliable renewable energy in the country. ITC looks forward to building a partnership with Northwestern, MDU and all utilities in the region to make the Green Power Express a reality."
The Green Power Express transmission network project will provide grid access for many of the highest efficiency wind farms in the upper Midwest and will traverse portions of North Dakota, South Dakota, Minnesota, Iowa, Wisconsin, Illinois and Indiana. It is currently estimated to cost approximately $10 to 12 billion.
NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving approximately 656,000 customers in Montana, South Dakota and Nebraska.
Under the terms of the agreement, NorthWestern, headquartered in Sioux Falls, S.D., has expressed its interest in exploring opportunities in Green Power Express, LP, the entity that was formed by ITC to develop the Green Power Express project. NorthWestern will collaborate with ITC on development efforts and securing the approvals needed to move the project forward. Green Power Express, LP will operate as an independent transmission company.
According to a study by CRA International, efficient movement of up to 12,000 MW of transfer capacity for wind power and the connectivity of over 20,000 MW through the Green Power Express project would result in a reduction of up to 34 million metric tons in carbon emissions, which is equivalent to the annual emissions of about seven to nine 600 MW coal plants, or nine to 11 million automobiles.
The Green Power Express project also will address the recognized need for additional transmission infrastructure and is part of ITC's broader efforts to modernize the overburdened, aging electricity grid.
ITC will continue to pursue Green Power Express discussions and finalize strategic agreements with NorthWestern and other entities. In July, the company signed a strategic agreement with MDU Resources Group, Inc. Other project supporters include NextEra Renewable Energy (formerly FPLE); Iberdrola Renewables; Generation Energy Inc.; Montgomery Power Partners; Denali Energy; National Wind; Crownbutte Wind Power, Inc.; Wind Capital Group; Fox Ridge Energy & Development, LLC; Horizon Wind Energy; Prelude, LLC; Citizens Energy; and RES, Renewable Energy Systems Americas.
Additional information about the Green Power Express project can be obtained at: http://www.thegreenpowerexpress.com.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission grid to improve electric reliability, improve access to markets, and lower the overall cost of delivered energy. ITC is the largest independent electricity transmission company in the country. Through its subsidiaries, ITCTransmission, Michigan Electric Transmission Company (METC) and ITC Midwest, ITC operates contiguous, regulated, high-voltage transmission systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois and Missouri, serving a combined peak load in excess of 25,000 megawatts. ITC is also focused on new areas where significant transmission system improvements are needed through subsidiaries ITC Grid Development, ITC Great Plains and ITC Panhandle Transmission. For more information, please visit: http://www.itctransco.com (itc-ITC)
Source: ITC Holdings Corp.
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