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US Power Grid Connection Wins First Approval; Texas Unresolved

NEW YORK -(Dow Jones)- A transmission project to link the nation's three major electric grids won an initial approval Thursday from federal regulators, but fell short on its bid to resolve a thorny jurisdiction issue. The so-called Tres Amigas superstation planned for New Mexico would allow power to flow among the eastern, western and Texas electric grids. Linking the regions could give wind and solar generation greater access to customers and back up power, while eliminating often wide disparities in wholesale prices between different areas. "Tres Amigas is a prime example of the creativity and pioneering thinking that our country needs to expand the ability of the transmission grid," said FERC Chairman Jon Wellinghoff before the votes. The commission gave the project the authority to sell transmission access at negotiated rates to generators and other firms that would move power through the proposed facility, while including provisions to protect consumers. At the same time, FERC declined to wave its authority over transmission connections the facility would have with the Electric Reliability Council of Texas, or Ercot. The jurisdictional issue is critical to Ercot's involvement because the commission doesn't have jurisdiction over the Texas grid. The commission said it didn't have enough information to make a decision, but recommended a future filing by the project to resolve the jurisdictional issue. Winning FERC approvals are important to move the project forward as Tres Amigas looks to raise additional funding and reach agreement with transmission companies that would connect into the facility. The project's developers are talking with a range of high-voltage line builders including American Electric Power Co. (AEP), ITC Holdings Corp. (ITC) and Xcel Energy Inc. (XEL), said David Raskin, a partner at the law firm Steptoe & Johnson LLP who represents Tres Amigas in an interview Wednesday. He said the project could be operational as early as 2013, but the timeline largely depends on the transmission companies connecting to the facility. The project would use super-conductor technology to synchronize power among the three major interconnections. A mismatch exists among the grids preventing power from flowing among states such as Texas and Arizona. -By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com

Stock News for Itc (ITC)
DateTimeHeadline
07/16/201516:05:00ITC Schedules Second Quarter 2015 Earnings Release and Webcast
07/06/201509:00:00ITC Announces Matthew Dills as New Vice President of Human Resources
07/02/201516:12:05Statement of Changes in Beneficial Ownership (4)
07/02/201516:11:36Statement of Changes in Beneficial Ownership (4)
07/02/201516:10:46Statement of Changes in Beneficial Ownership (4)
07/02/201516:09:53Statement of Changes in Beneficial Ownership (4)
07/02/201516:09:27Statement of Changes in Beneficial Ownership (4)
07/02/201516:08:34Statement of Changes in Beneficial Ownership (4)
07/02/201516:08:09Statement of Changes in Beneficial Ownership (4)
07/02/201516:07:16Statement of Changes in Beneficial Ownership (4)
06/22/201512:00:00ITC Commences Open Solicitation for Transmission Rights on ITC...
06/22/201512:00:00ITC Commences Open Solicitation for Transmission Rights on ITC...
06/17/201516:11:46Statement of Changes in Beneficial Ownership (4)
06/11/201516:55:04Securities Registration: Employee Benefit Plan (s-8)
06/11/201516:54:39Securities Registration: Employee Benefit Plan (s-8)
06/09/201508:34:28Current Report Filing (8-k)
06/01/201509:05:00ITC Files Permit Application with U.S. Department of Energy for...
06/01/201509:05:00ITC Files Permit Application with U.S. Department of Energy for...
05/27/201516:26:48Statement of Changes in Beneficial Ownership (4)
05/27/201516:25:56Statement of Changes in Beneficial Ownership (4)

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