The Federal Energy Regulatory Commission (FERC) Monday announced the approval of financial incentives for ITC Holdings Corp’s (NYSE: ITC) massive transmission project to move wind power from the upper midwest to population centers Chicago, Minneapolis and southeastern Wisconsin.
FERC approved a 12.38% return on investment for the project called the Green Power Express.
Plans call for high voltage transmission lines capable of carrying 12,000 megawatts (MW) of power generated by wind farms in North Dakota, South Dakota, Minnesota and Iowa.
The transmission lines will extend over 3,000 miles at a projected cost of between $10 billion and $12 billion.
Next the Midwest Independent Transmission System Operator must review the proposed project.
"This is an exciting step in the process of connecting clean, renewable energy sources from wind-rich areas to urban locations where it is needed," said Joseph Welch, Chairman, President and CEO of ITC.
Loading...