Avista joins PGE, Grid United and ALLETE in 3,000 megawatt east-west transmission line
Avista (NYSE: AVA) has signed a nonbinding memorandum of understanding for a 10% ownership share in the North Plains Connector, a 420-mile high-voltage direct-current transmission line project. The line will connect Bismarck, North Dakota to Colstrip, Montana, providing 300 megawatts of transfer capacity for Avista. The project received a $700 million GRIP award from the U.S. Department of Energy and is expected to be operational by 2032. This transmission line will be the first to connect three regional U.S. electric energy markets, enhancing resource sharing and market access.
Avista (NYSE: AVA) ha firmato un memorandum d'intesa non vincolante per una partecipazione del 10% nel North Plains Connector, un progetto di linea di trasmissione a corrente continua ad alta tensione di 420 miglia. La linea collegherà Bismarck, nel Dakota del Nord, a Colstrip, nel Montana, offrendo una capacità di trasferimento di 300 megawatt per Avista. Il progetto ha ricevuto un premio GRIP di 700 milioni di dollari dal Dipartimento dell'Energia degli Stati Uniti ed è previsto che diventi operativo entro il 2032. Questa linea di trasmissione sarà la prima a collegare tre mercati elettrici regionali statunitensi, migliorando la condivisione delle risorse e l'accesso al mercato.
Avista (NYSE: AVA) ha firmado un memorando de entendimiento no vinculante para una participación del 10% en el North Plains Connector, un proyecto de línea de transmisión de corriente continua de alta tensión de 420 millas. La línea conectará Bismarck, Dakota del Norte, con Colstrip, Montana, proporcionando una capacidad de transferencia de 300 megavatios para Avista. El proyecto recibió un premio GRIP de 700 millones de dólares del Departamento de Energía de EE. UU. y se espera que esté en operación para 2032. Esta línea de transmisión será la primera en conectar tres mercados regionales de energía eléctrica en EE. UU., mejorando el intercambio de recursos y el acceso al mercado.
Avista (NYSE: AVA)는 420마일의 고전압 직류 송전선 프로젝트인 North Plains Connector에서 10% 지분에 대한 비구속 양해각서를 체결했습니다. 이 송전선은 북다코타주 비스마르크와 몬태나주 콜스트립을 연결하며, Avista에 300메가와트의 전송 용량을 제공합니다. 이 프로젝트는 미국 에너지부로부터 7억 달러의 GRIP 보조금을 받았으며 2032년까지 운영될 것으로 예상됩니다. 이 송전선은 미국의 세 개 지역 전력 시장을 연결하는 첫 번째 선로가 되어 자원 공유와 시장 접근을 향상시킬 것입니다.
Avista (NYSE: AVA) a signé un mémorandum d'entente non contraignant pour une participation de 10 % dans le North Plains Connector, un projet de ligne de transmission à courant continu haute tension de 420 miles. La ligne reliera Bismarck, Dakota du Nord, à Colstrip, Montana, fournissant 300 mégawatts de capacité de transfert pour Avista. Le projet a reçu une aide financière GRIP de 700 millions de dollars du Département de l'Énergie des États-Unis et devrait être opérationnel d'ici 2032. Cette ligne de transmission sera la première à connecter trois marchés régionaux d'énergie électrique aux États-Unis, améliorant le partage des ressources et l'accès au marché.
Avista (NYSE: AVA) hat ein nicht verbindliches Memorandum of Understanding über einen 10%igen Anteil am North Plains Connector unterzeichnet, einem 420 Meilen langen Hochspannungs-Gleichstromübertragungsprojekt. Die Leitung wird Bismarck, North Dakota, mit Colstrip, Montana, verbinden und Avista eine 300 Megawatt Übertragungskapazität bieten. Das Projekt erhielt einen GRIP-Zuschuss von 700 Millionen Dollar vom US-Energieministerium und wird voraussichtlich bis 2032 in Betrieb genommen. Diese Übertragungsleitung wird die erste sein, die drei regionale US-Strommärkte verbindet und den Ressourcenaustausch sowie den Marktzugang verbessert.
- Secured 300 megawatts of transfer capacity for improved energy resource access
- Project backed by $700 million federal GRIP award
- Strategic expansion into three regional electric energy markets
- Investment deferred until project is operational, reducing immediate financial burden
- Long timeline to operational status (2032)
- Initial agreement is non-binding, indicating uncertainty in final terms
- Significant regulatory approvals still pending through NEPA process
Insights
The North Plains Connector project represents a significant strategic investment in critical energy infrastructure. The
The 2032 operational timeline suggests a long-term value proposition. The HVDC transmission line's unique position as the first connection between three regional markets could create competitive advantages in energy trading and resource optimization. However, regulatory approvals, construction risks and the extended timeline to operational status present notable execution risks. The project's capital requirements and delayed revenue generation warrant careful monitoring of Avista's financial commitments and potential impact on near-term performance.
North Plains Connector transmission line continues building momentum as Avista commits to nonbinding memorandum of understanding for a
SPOKANE, Wash., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Avista Corporation (NYSE: AVA) today signed a nonbinding memorandum of understanding with North Plains Connector LLC, a wholly owned entity of Grid United, in the development of the North Plains Connector, an approximately 420-mile high-voltage direct-current (HVDC) transmission line to be constructed with endpoints near Bismarck, North Dakota and Colstrip, Montana. The parties will now work to finalize definitive agreements regarding Avista's participation, which is expected to involve a
Under the terms of the memorandum of understanding, North Plains Connector LLC will continue to fund the development of North Plains Connector. Avista would invest when the project is operational.
Proposed route of the North Plains Connector transmission line
https://www.globenewswire.com/NewsRoom/AttachmentNg/00d4532d-72ed-4b37-a1a0-b90b4df1928c
This year has marked significant progress for North Plains Connector, underscoring the urgency for modern transmission infrastructure. In August, the U.S. Department of Energy conditionally selected the Montana Department of Commerce for a
North Plains Connector will establish the nation's first HVDC transmission connection among three regional U.S. electric energy markets – the Midcontinent Independent System Operator, the Western Interconnection and the Southwest Power Pool – providing additional flexibility and the sharing of resources across multiple time zones.
"Market access and diversity of resources are increasingly important for Avista. North Plains Connector will provide Avista better access to both of these needs and is best suited to meet Avista's unique system challenges," said Dennis Vermillion, Chief Executive Officer of Avista. "North Plains Connector provides a new, innovative transmission pathway that supports Avista's strategic priorities by offering access to low-cost renewable generation to benefit our customers and further strengthen the grid."
As part of the North Plains Interregional Innovation (NPC II) consortium, Avista joined a group of eight utilities that supported the
The North Plains Connector will provide Avista with 300 megawatts of transfer capacity, offering access to diverse energy resources, improving wholesale market options, and reducing congestion on the western transmission network.
"We are thrilled to move forward with Avista on the development of North Plains Connector," said Michael Skelly, CEO of Grid United. "With growing commercial interest, we're confident that this project will continue to attract commitments through the end of the year."
Additional information can be found at www.northplainsconnector.com.
About Avista Utilities
Avista Utilities is involved in the production, transmission and distribution of energy. We provide energy services and electricity to 418,000 customers and natural gas to 382,000 customers in a service territory that covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.7 million. Avista Utilities is an operating division of Avista Corp. (NYSE: AVA). For more information, please visit www.myavista.com. Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.
About North Plains Connector and Grid United
North Plains Connector is a subsidiary of Grid United LLC. Grid United is an independent transmission company aiming to modernize the United States' power grid to create a more resilient and efficient electric system that uses the nation's abundant and geographically diverse natural resources to the benefit of all consumers. For more information, visit www.gridunited.com.
Media contact:
Ashley McGeary, Communications Director
ashley.mcgeary@gridunited.com
About ALLETE
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an
ALE-CORP The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
Media Contact:
Amy Rutledge
218-723-7400
arutledge@allete.com
About Portland General Electric
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers serving an area of 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has powered social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is committed to reducing emissions from its retail power supply by
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FAQ
What is Avista's (AVA) ownership stake in the North Plains Connector project?
When is the North Plains Connector transmission line expected to be operational?
How much transfer capacity will Avista (AVA) receive from the North Plains Connector?
What federal funding has the North Plains Connector project received?
