The North Plains Connector transmission line will more than
double the transfer capacity between the eastern and western U.S.
electric grids, providing PGE access to new, diverse resources and
bolstering reliability for customers.
PORTLAND, Ore., May 28, 2024
/PRNewswire/ -- Portland General Electric (NYSE: POR) today
signed a non-binding memorandum of understanding with Grid United
and ALLETE, Inc. (NYSE: ALE) in the development of the North
Plains Connector, an approximately 415-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 PGE's participation, which is expected to
involve a 20% ownership share of the project.
The North Plains Connector will be 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.
"The North Plains Connector is a key step in serving the growing
needs of customers with safe, reliable, clean energy through joint
collaboration," said Maria Pope, PGE President and CEO.
"Additional transmission capacity will provide access to renewable
energy over a wider and diverse geographic area, helping to deliver
economic and environmental benefits."
The North Plains Connector is one of the ways PGE is working
collaboratively across the region to find solutions to nationwide
transmission congestion. The electric transmission infrastructure
would provide PGE with 600 megawatts of transfer capacity, access
to diverse energy resources, enhanced wholesale markets and ease
congestion on the existing western transmission system.
"We welcome PGE joining us in our efforts on this historic and
transformative infrastructure project for our nation," said
Bethany Owen, ALLETE Chair,
President and CEO. "Large-scale projects require collaborative
solutions. We look forward to working with PGE and their strong
team to advance this critical project."
"We are thrilled to move forward with PGE on the development of
the North Plains Connector," said Michael
Skelly, CEO of Grid United. "Countless studies have shown
that interregional transmission dramatically enhances reliability,
saves consumers money and is critical to meeting the growing demand
for electricity."
The project represents an approximately $3.2 billion
total investment in Montana and North Dakota
and is expected to create over 600 jobs during construction. Once
built, this transmission infrastructure will also enable additional
energy production in Montana and
North Dakota.
Additional information can be found at
www.northplainsconnector.com
Under the terms of the memorandum of understanding, Grid United
will continue to fund the development of North Plains Connector.
PGE would invest when project regulatory approvals and permits are
in place.
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 80% by 2030 and 100% by 2040. PGE is
recognized by the Bloomberg Gender-Equality Index for the company's
commitment to creating a more equal, inclusive workplace. In 2023,
PGE employees, retirees and the PGE Foundation donated nearly
$4.6 million and volunteered over
23,000 volunteer hours to more than 400 nonprofit organizations.
For more information visit PortlandGeneral.com/news.
Statements in this news release that relate to future plans,
objectives, expectations, performance, events and the like may
constitute forward-looking statements. Any forward-looking
statements are subject to risks and uncertainties, and actual
results may differ materially from those projected in the
forward-looking statements. Investors should review the
risks, assumptions and uncertainties listed in the documents filed
by Portland General Electric with the United States Securities and
Exchange Commission.
For media inquiries contact:
PGE Communications
503-464-2067
pgecommunications@pgn.com
About Grid United
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 8% equity
interest in the American Transmission Co. More information about
ALLETE is available at www.allete.com.
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
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SOURCE Portland General Company