HVDC Merchant Transmission Project to Create First Direct
Connection Between Canada IESO and United States PJM
Markets
NOVI, Mich., Feb. 1, 2016 /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 joint permit application with the Pennsylvania Department
of Environmental Protection and the U.S. Army Corps of Engineers in
support of the ITC Lake Erie Connector merchant transmission
line.
The ITC Lake Erie Connector is a proposed 1000 MW,
bi-directional, High-Voltage Direct Current (HVDC) submarine
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.
"We are pleased with the expressions of interest we received in
the non-binding open solicitation process that concluded in August,
and we are now in bilateral negotiations for line capacity with
prospective counterparties," said Terry
Harvill, Ph.D., vice president of International and Merchant
Development, ITC Holdings Corp. "The Lake Erie Connector will
support the security, reliability and capacity of the PJM and
Ontario energy grids through this
more direct, efficient and controllable path for energy flow
between the systems."
ITC also has submitted major applications to the U.S. Department
of Energy (filed May 29, 2015) and
Canada's National Energy Board
(filed May 22, 2015). The
company has completed detailed engineering work and marine and land
studies in support of the project and 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.
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.
Assuming ITC is successful in executing favorable Transmission
Service Agreements over the course of the next several months, the
company would then anticipate receiving federal, state and
provincial permits by the second quarter of 2017. ITC would
commence construction around that time, with commercial operation
expected in 2019.
Additional information regarding the project is available at
www.itclakeerieconnector.com.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE:
ITC) is the nation's largest independent electric transmission
company. Based in Novi, Michigan,
ITC invests in the electric transmission grid to improve
reliability, expand access to markets, allow new generating
resources to interconnect to its transmission systems and lower the
overall cost of delivered energy. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/itc-files-joint-permit-application-with-pennsylvania-dep-and-us-army-corps-of-engineers-for-lake-erie-connector-project-300213024.html
SOURCE ITC Holdings Corp.