ITC Holdings Corp. (NYSE: ITC) on Monday unveiled plans to build a $10 billion to $12 billion transmission network to move 12,000 megawatts (MW) of power from the wind-abundant areas in the
Dakotas, Minnesota and Iowa to Midwest load centers, such as Chicago.
The company said over the past year it has worked to develop plans for what it is calling the "Green Power Express" to address the lack of electric transmission infrastructure needed to integrate renewable wind energy.
The Green Power Express transmission project will traverse portions of
North Dakota, South Dakota, Minnesota, Iowa, Wisconsin, Illinois and
Indiana and will ultimately include approximately 3,000 miles of extra
high-voltage (765kV) transmission, the company said.
ITC has
been working with many of the Upper Midwest wind developers over the
last year in assembling a realistic accounting of their wind
development plans and sites, which resulted in the design of the
project.
"The Green Power Express will create the much-needed link between the renewable energy-rich regions of the Midwest and high-demand population centers," said Joseph L. Welch, chairman, president and CEO of ITC. "The plan is consistent with efforts supported by organizations such as the Upper Midwest Transmission Development Initiative and promotes a national energy vision. ITC looks forward to continuing to work with them and other stakeholders in the region to move forward with this long-term solution to our national energy challenges."
In support of the Green Power Express, newly created ITC limited partnership Green Power Express LP filed an application with the Federal Energy Regulatory Commission (FERC) requesting approval of a revenue requirement formula and incentives for the construction of the Green Power Express including the approval of a regulatory asset for recovery of development expenses which will enable ITC to continue development efforts for the Green Power Express.
ITC said it will seek to partner with local utilities and wind developers in the region for the build out of the Green Power Express. Current supporters already include: NorthWestern Energy (NYSE: NWE), NextEra Energy (formerly FPLE), Iberdrola Renewables, Generation Energy Inc., Montgomery Power Partners, Denali Energy, National Wind, Crownbutte Wind Power, Wind Capital Group and RES Americas.
The Texas Public Utility Commission recently approved a transmission project of similar scale.
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