ALLENTOWN, Pa., Oct. 28, 2015 /PRNewswire/ -- PPL Electric
Utilities Corporation, a subsidiary of PPL Corporation (NYSE: PPL),
has begun the application and approval process for the first
segment of Project Compass – a major new transmission line proposed
by PPL Electric Utilities to provide significant benefits for
consumers.
The first segment is a 95-mile, $500-million to $600-million line between
Blakely, Pa., and Ramapo, N.Y. The
proposed 345-kilovolt link between the PJM Interconnection and the
New York Independent System Operator (NYISO) is intended to make
the electric grid more reliable and secure for people throughout
the region, and to provide an estimated savings of at least
$200 million per year for
New York consumers by reducing
transmission congestion.
PPL Electric Utilities filed an interconnection application with
NYISO Oct. 27. Additional approvals
are needed from the Pennsylvania Public Utility Commission, the New
York Public Service Commission, PJM and other agencies.
"This line would provide an important addition to the nation's
transmission infrastructure," said Gregory
N. Dudkin, president of PPL Electric Utilities. He noted
that the company has extensive experience planning, obtaining
approval for and building major regional transmission lines,
including the recently energized Susquehanna-Roseland line and the nearly
complete Northeast-Pocono Reliability Project.
Among the benefits of the first segment of Project Compass
are:
- Lower electric bills: PPL Electric Utilities estimates
that electric customers in New
York could save at least $200
million per year because the power line will reduce
transmission congestion and lower the wholesale price for
electricity.
- Better electric service: The line is designed to make
the electric grid more reliable and more secure for people
throughout the region.
- New jobs and economic development: A multi-year
construction period for the power line, if approved, would create
jobs and provide benefits for service businesses and the regional
economy.
The exact route of the first segment of Project Compass has not
yet been determined, and must be approved by regulators in both
states. PPL Electric Utilities will consider public input and work
carefully with all appropriate regulators and environmental
permitting agencies to find the best route. The current schedule
calls for the first segment to be in service by 2023.
While the first segment can stand alone as a valuable grid
improvement, PPL Electric Utilities continues to refine the overall
plan for the rest of Project Compass. As currently envisioned, the
full project would run about 475 miles from western Pennsylvania into southeastern New York. The cost of Project Compass is
estimated at $3 billion to $4
billion.
Capital expenditures for Project Compass are not included in PPL
Corporation's most recent capital expenditure projections.
PPL Electric Utilities provides electric delivery service to
more than 1.4 million homes and businesses in Pennsylvania and ranks among the best utility
companies in the country for customer service and reliability. With
2,300 employees, PPL Electric Utilities is a major employer in the
communities it serves. It is a subsidiary of PPL Corporation (NYSE:
PPL). For more information, visit www.pplelectric.com.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
Statements contained in this news release, including statements
with respect to future earnings, cash flows, financing, regulation
and corporate strategy, are "forward-looking statements" within the
meaning of the federal securities laws. Although PPL Corporation
believes that the expectations and assumptions reflected in these
forward-looking statements are reasonable, these statements are
subject to a number of risks and uncertainties, and actual results
may differ materially from the results discussed in the statements.
The following are among the important factors that could cause
actual results to differ materially from the forward-looking
statements: market demand and prices for energy, capacity and fuel;
weather conditions affecting customer energy usage and operating
costs; competition in power markets; the effect of any business or
industry restructuring; the profitability and liquidity of PPL
Corporation and its subsidiaries; new accounting requirements or
new interpretations or applications of existing requirements;
operating performance of generating plants and other facilities;
the length of scheduled and unscheduled outages at our generating
plants; environmental conditions and requirements and the related
costs of compliance, including environmental capital expenditures
and emission allowance and other expenses; system conditions and
operating costs; development of new projects, markets and
technologies; performance of new ventures; asset or business
acquisitions and dispositions; any impact of hurricanes or other
severe weather on our business, including any impact on fuel
prices; receipt of necessary government permits, approvals, rate
relief and regulatory cost recovery; capital market conditions and
decisions regarding capital structure; the impact of state, federal
or foreign investigations applicable to PPL Corporation and its
subsidiaries; the outcome of litigation against PPL Corporation and
its subsidiaries; stock price performance; the market prices of
equity securities and the impact on pension income and resultant
cash funding requirements for defined benefit pension plans; the
securities and credit ratings of PPL Corporation and its
subsidiaries; political, regulatory or economic conditions in
states, regions or countries where PPL Corporation or its
subsidiaries conduct business, including any potential effects of
threatened or actual terrorism or war or other hostilities; foreign
exchange rates; new state, federal or foreign legislation,
including new tax legislation; and the commitments and liabilities
of PPL Corporation and its subsidiaries. Any such forward-looking
statements should be considered in light of such important factors
and in conjunction with PPL Corporation's Form 10-K and other
reports on file with the Securities and Exchange Commission.
Contact:
|
Paul Wirth,
610-774-5532
|
|
PPL Electric
Utilities
|
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SOURCE PPL Electric Utilities