TransCanyon, LLC Selected by U.S. Department of Energy under Transmission Facilitation Program to Increase Transmission Capabilities in the West
31 10월 2023 - 2:30AM
Business Wire
The U.S. Department of Energy’s Grid Deployment Office today
announced the selection of TransCanyon, LLC to enter into capacity
contract negotiations for the Cross-Tie 500-kilovolt transmission
line (Cross-Tie) as part of the Transmission Facilitation
Program.
In 2014, BHE U.S. Transmission and a subsidiary of Pinnacle West
Capital Corp. formed TransCanyon as a joint venture between the two
companies to identify, develop, construct, own and operate electric
transmission projects located in the 11 western states comprising
the Western Electricity Coordinating Council footprint.
“Cross-Tie is a proposed 214-mile transmission line that will
connect Utah and Nevada to increase transmission capacity, improve
grid reliability and resilience, relieve congestion on other key
transmission lines, and expand access to renewable energy across
the region,” said Ed Rihn, president and CEO, BHE U.S.
Transmission. “The bidirectional nature of Cross-Tie will increase
transfer capabilities in the West, unlocking increased access to
renewable energy resources in the region.”
Cross-Tie will:
- Enable the delivery of 1,500 megawatts of renewable generation
throughout the region, including solar generation in Utah, Nevada
and California, and wind generation in Wyoming and Utah;
- Provide access to new markets for existing renewable energy in
the region, including new markets for surplus California solar
power;
- Reduce greenhouse gas emissions by 19.5 million tons of carbon
dioxide between 2028 and 2050, or about 850,000 tons per year, by
lowering curtailments of existing renewable generation and enabling
the development of new solar and wind resources; and
- Increase regional reliability and improve resilience during
extreme weather events.
“This project is consistent with Pinnacle West’s strategy to
grow our operations through carefully selected opportunities close
to our core business,” said Robert E. Smith, Executive Vice
President, General Counsel and Chief Development Officer for
Pinnacle West. "The proposed transmission line will deliver
economic benefits and enhance reliability for all electricity
customers in the region, while also promoting the growth, exchange
and more efficient use of renewable energy resources.”
The Cross-Tie line will run from the Clover Substation in Mona,
Utah, to the Robinson Summit Substation near Ely, Nevada,
increasing the strength of the transmission system and leading to
increased reliability of the grid and better overall electric
service to regional retail electricity customers. TransCanyon would
build, own, operate, and maintain the Cross-Tie Transmission
Line.
The project is expected to generate more than 2,400 direct
full-time equivalent jobs, with an additional 1,700 jobs in related
and supporting industries such as finance, insurance,
transportation and hospitality. In addition to job creation, the
line is expected to generate a combined $9.1 million per year for
the region through project development income taxes. Overall, the
project is expected to infuse a combined $761 million in total
economic activity for the Utah and Nevada economies.
“To realize the full benefit of the nation’s goal of 100% clean
electricity by 2035, we need to more than double our grid capacity
and President Biden’s Investing in America agenda puts us in
position to do just that,” said U.S. Secretary of Energy Jennifer
M. Granholm. “This historic effort to strengthen the nation’s
transmission will drive down costs for American families and
deliver thousands of good paying jobs for American workers—helping
communities keep the lights on in the face of climate
change-induced extreme weather events.”
About TransCanyon
TransCanyon is an independent developer of electric transmission
infrastructure for the western United States. Formed in 2014, the
company is a joint venture between a subsidiary of Pinnacle West
Capital Corporation (NYSE: PNW) and Berkshire Hathaway Energy’s
subsidiary, BHE U.S. Transmission.
TransCanyon is uniquely situated in that it brings together the
broad and deep capabilities of its parent companies – Pinnacle West
Capital and Berkshire Hathaway Energy. As a result, TransCanyon
benefits from the collective experiences of organizations who
together own and operate approximately 41,888 miles of existing
transmission infrastructure. In addition to the Cross-Tie
Transmission Line, TransCanyon is pursuing other transmission
opportunities in the western U.S.
About BHE U.S. Transmission
BHE U.S. Transmission is committed to the long-term ownership
and acquisition of transmission assets. BHE U.S. Transmission
builds upon the significant operational and ownership experience
gained by Berkshire Hathaway Energy (through its businesses’
ownership of existing electric transmission systems). BHE U.S.
Transmission’s delivery platforms have developed approximately $1.6
billion of transmission projects at voltages of 345 kilovolts and
higher and has extensive experience in traditional utility and
stand-alone transmission project development. For more information
about BHE U.S. Transmission, visit the company’s website at
bhetransmission.com.
About Pinnacle West
Pinnacle West Capital Corp., an energy holding company based in
Phoenix, has consolidated assets of approximately $24 billion,
about 6,300 megawatts of generating capacity and nearly 5,900
employees in Arizona and New Mexico. Through its principal
subsidiary, Arizona Public Service, the company provides retail
electricity service to approximately 1.4 million Arizona homes and
businesses. For more information about Pinnacle West, visit the
company’s website at pinnaclewest.com.
About TFP
Funded through the Bipartisan Infrastructure Law, the
Transmission Facilitation Program, or TFP, is a $2.5 billion
revolving fund program that will help build and expand
interregional transmission lines across the country. Administered
by the U.S. Department of Energy’s Grid Deployment Office, TFP
provides transmission developers with financial assistance to help
develop large-scale new transmission lines, upgrade existing
transmission lines, and connect microgrids in Hawaii, Alaska, and
U.S. territories. For additional information, visit the U.S.
Department of Energy’s Transmission Facilitation Program
website.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030998357/en/
Media Contacts: Alan Bunnell (Pinnacle West), (602) 250-3376
Berkshire Hathaway Energy Media Hotline, (515) 242-3022
Analyst Contact: Amanda Ho (Pinnacle West), (602) 250-3334
Websites:
transcanyon.com/projects/Cross-Tie-Transmission-Line
Pinnacle West Capital (NYSE:PNW)
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Pinnacle West Capital (NYSE:PNW)
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