NOVI, Mich., Jan. 13, 2017 /PRNewswire/ -- 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 received approval of a Presidential Permit from the U.S.
Department of Energy (DOE) for the ITC Lake Erie Connector
transmission line. A DOE Presidential Permit is required for
international border-crossing projects.
The ITC Lake Erie Connector is a proposed 1,000 MW,
bi-directional, high-voltage direct current (HVDC) underwater
transmission line that would provide the first direct link between
the markets of the Ontario Independent Electricity System Operator
(IESO) and PJM Interconnection, LLC (PJM). The project would enable
transmission customers to more efficiently access energy, capacity
and renewable energy credit opportunities in both markets.
"This is a significant step in our development of the ITC Lake
Erie Connector, and we appreciate the DOE's judicious response to
our application," said Terry
Harvill, Ph.D., president, ITC Grid Development. "This
project would provide a direct, efficient and controllable path for
energy and capacity to flow between the PJM and IESO systems. By
facilitating the import and export of energy between the U.S. and
Ontario, the line can help
optimize renewable resources and satisfy renewable energy
requirements in the U.S. In addition, the Lake Erie Connector
would help improve the security, reliability and capacity of these
energy grids," said Dr. Harvill.
The DOE Presidential Permit can be viewed on the project website
at www.itclakeerieconnector.com.
Project Status
Remaining milestones in the project
this year include receiving additional major permits from
Canada's National Energy Board,
the U.S. Army Corps of Engineers and Pennsylvania Department of
Environmental Protection in a joint application, completing project
cost refinements and securing favorable transmission service
agreements with prospective counterparties, after which ITC would
proceed with construction with the goal to place the project in
service in late 2020.
ITC has completed the necessary system impact studies in IESO
and PJM, signed service agreements with the manufacturers of the
converter stations and the submarine cable, and secured nearly all
land necessary for the terrestrial cable route, converter stations
and construction laydown areas. The company has held or
participated in numerous public consultations in Ontario and Pennsylvania – the respective terrestrial
points of the line – to discuss the project and gather community
input.
Project Specifications
The ITC Lake Erie Connector is
a proposed +/- 320 kV HVDC bi-directional transmission line,
approximately 73 miles in length, that would interconnect with
converter stations located in Erie,
Pennsylvania and Nanticoke,
Ontario. A 345kV alternating current (AC) underground
transmission line would connect the Erie converter station to Penelec's existing
Erie West substation, while a 500kV AC line would tie the
Nanticoke converter station to
Hydro One's Nanticoke substation.
The majority of the transmission line would be buried beneath
Lake Erie or underground using
existing roadway rights-of-way.
About ITC Holdings Corp.
ITC, a Fortis company, is the
largest independent electricity transmission company in
the United States. 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 15,800 circuit miles
of transmission line with 660 employees and nearly 1,000
contractors across its seven state footprint. 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. ITC
Holdings Corp. common shares are owned 80.1% by Fortis Inc. and
19.9% by GIC Private Limited. Additional information can be
accessed at www.itc-holdings.com.
Cautionary Language Concerning Forward Looking
Statements
This document contains certain statements that
describe our management's beliefs concerning future business
conditions 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 "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
other things, the risks and uncertainties disclosed in our annual
report on Form 10-K and our quarterly reports on Form 10-Q filed
with the Securities and Exchange Commission from time to
time.
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. They 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 document 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. Actual future results may vary materially.
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-receives-presidential-permit-from-us-department-of-energy-for-lake-erie-connector-project-300390565.html
SOURCE ITC Holdings Corp.
