HVDC Merchant Transmission Project to Create First Direct
Connection Between Canada IESO and United States PJM
Markets
NOVI, Mich., June 1, 2015 /CNW/ -- ITC Lake Erie
Connector LLC, a wholly-owned subsidiary of ITC Holdings Corp., the
largest independent electricity transmission company in
the United States, today announced
it has filed a major permit application with the U.S. Department of
Energy (DOE) for the ITC Lake Erie Connector merchant transmission
line. The purpose of the DOE filing is to obtain the
Presidential Permit necessary for international border-crossing
projects.
The ITC Lake Erie Connector is a proposed 1000 MW,
bi-directional, High-Voltage Direct Current (HVDC) merchant
transmission line that will provide the first direct link between
the markets of the Ontario Independent Electricity System Operator
(IESO) and PJM Interconnection, LLC (PJM). The ITC Lake Erie
Connector will enable transmission customers to more efficiently
access energy, capacity, and renewable energy credit opportunities
in both markets.
"This project will create a new energy transmission
interconnection between the PJM and IESO markets, helping improve
the security, reliability and capacity of these energy grids," said
Terry Harvill, Ph.D., vice president
of International and Merchant Development, ITC Holdings Corp.
"The Lake Erie Connector offers compelling market opportunities by
providing a more direct, efficient and controllable path for energy
and capacity to flow between the two systems, and it can facilitate
the export of clean energy from Ontario to PJM to address potential
environmental regulations and Renewable Portfolio Standard
requirements in the U.S."
ITC's application to the DOE will be available on the project
website at www.itclakeerieconnector.com. This application
follows a May 22 filing with
Canada's National Energy
Board. ITC continues to perform detailed engineering work and
marine and land studies in support of the project, and the company
will submit additional environmental and other permit applications
to the relevant federal, state and municipal agencies later this
year. The company has held or participated in public meetings
in Erie County, Pennsylvania and
consultation events in Nanticoke,
Ontario to discuss the project and gather community
input. Additional information regarding the project is
available at www.itclakeerieconnector.com.
Project Specifications
The ITC Lake Erie Connector is
+/- 320 kV HVDC bi-directional transmission line, approximately 73
miles in length, that will interconnect with converter stations
located in Erie, Pennsylvania and
Nanticoke, Ontario. A 345 kV
Alternating Current (AC) underground transmission line will connect
the Erie converter station to the
existing Penelec Erie West Substation, while a 500 kV AC line will
interconnect the Nanticoke
converter station to Hydro One Networks Inc.'s Nanticoke
Transformer Station. The majority of the transmission line either
will be buried beneath Lake Erie
or underground using existing roadway rights-of-way. ITC
anticipates receiving all state, federal, and provincial permits
for the ITC Lake Erie Connector by Q2 2017, the commencement of
construction in 2017, and commercial operation in 2019.
Open Solicitation Process
ITC will commence an open
solicitation for transmission capacity on the ITC Lake Erie
connector beginning in late June. Interested parties will be able
to access an overview of the ITC Lake Erie Connector and a
non-disclosure agreement (NDA) on a separate ITC Open Solicitation
website. Execution of the NDA will allow interested parties
to access additional information regarding the ITC Lake Erie
Connector and the open solicitation process. ITC has retained The
Brattle Group to serve as an Independent Solicitation Manager to
oversee the open solicitation process. If, through the open
solicitation process, it becomes evident that the transmission line
could be oversubscribed, ITC will explore opportunities to increase
the capacity of the ITC Lake Erie Connector. If increasing the
capacity is not feasible, ITC will allocate capacity to those
customers who value it most highly as reflected by a customer's
offered rates, terms, and conditions.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE:
ITC) is the largest independent electric transmission company in
the United States. Based in
Novi, Michigan, ITC invests in the
electric transmission grid to improve reliability, expand access to
markets, lower the overall cost of delivered energy and allow new
generating resources to interconnect to its transmission systems.
Through its regulated operating subsidiaries
ITCTransmission, Michigan Electric Transmission Company, ITC
Midwest and ITC Great Plains, ITC owns and operates high-voltage
transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load
exceeding 26,000 megawatts along approximately 15,600 circuit miles
of transmission line. ITC's grid development focus includes growth
through regulated infrastructure investment as well as domestic and
international expansion through merchant and other commercial
development opportunities. For more information, please visit ITC's
website at www.itc-holdings.com.
Safe Harbor Statement
This press release contains
certain statements that describe our management's beliefs
concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electricity
transmission industry based upon information currently available.
Such statements are "forward-looking" statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Wherever
possible, we have identified these forward-looking statements by
words such as "will," "may," "anticipates," "believes," "intends,"
"estimates," "expects," "projects" and similar phrases. These
forward-looking statements are based upon assumptions our
management believes are reasonable. Such forward looking statements
are subject to risks and uncertainties which could cause our actual
results, performance and achievements to differ materially from
those expressed in, or implied by, these statements, including,
among others, the risks and uncertainties disclosed in our annual
reports on Form 10-K, quarterly reports on Form 10-Q and other
filings made with the Securities and Exchange Commission.
Because our forward-looking statements are based on estimates
and assumptions that are subject to significant business, economic
and competitive uncertainties, many of which are beyond our control
or are subject to change, actual results could be materially
different and any or all of our forward-looking statements may turn
out to be wrong. Forward-looking statements speak only as of the
date made and can be affected by assumptions we might make or by
known or unknown risks and uncertainties. Many factors mentioned in
our discussion in this release and in our annual and quarterly
reports will be important in determining future results.
Consequently, we cannot assure you that our expectations or
forecasts expressed in such forward-looking statements will be
achieved. Except as required by law, we undertake no obligation to
publicly update any of our forward-looking or other statements,
whether as a result of new information, future events, or
otherwise.
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SOURCE ITC Holdings Corp.