PORTLAND, Ore.--(BUSINESS WIRE)--Portland General Electric (NYSE:POR) has entered into a Memorandum of Understanding with the Bonneville Power Administration that allows the two utilities to coordinate planning of new electrical substations and transmission facilities and to consider joint development.
PGE has proposed Cascade Crossing, a double-circuit transmission project running from the City of Boardman to the Salem area, to help meet Oregon’s growing energy needs, enhance reliability of the electrical grid, and allow for development of more renewable power projects to help meet the state’s Renewable Energy Standard. The project would connect new and existing energy generating resources east of the Cascades to the Willamette Valley.
BPA is building the McNary-John Day transmission project, which will be completed in January, 2012. BPA is conducting environmental analysis on three proposed 500-kV transmission lines. In addition, BPA is developing several large electrical substations to integrate wind generation into the Northwest grid.
The MOU allows PGE and BPA to share confidential information as they work together on a range of issues, including system interconnections, substation locations and utilization of existing transmission corridors.
“BPA is the Northwest’s largest transmission provider, and PGE shares their commitment to promoting system reliability, cost-effective transmission and renewable resource integration,” said Steve Hawke, PGE senior vice president for customer service, transmission and distribution. “We look forward to engaging in discussions with BPA to help ensure that Cascade Crossing, if constructed, would integrate with other existing and proposed transmission projects and meet the needs of our customers and the region.”
“This is a great example of regional transmission planning and coordination,” said Brian Silverstein, BPA Transmission Services senior vice president. “Finding ways to work together to meet the region’s growing electricity needs will provide benefits to ratepayers throughout the Northwest and minimize the need for new transmission facilities.”
PGE previously executed MOUs for discussions surrounding Cascade Crossing with PacifiCorp, Idaho Power and the Confederated Tribes of Warm Springs. In order to build the project, PGE must obtain approvals from both the state and federal governments. PGE is in the second year of what is expected to be a three-year permitting process, which includes a variety of opportunities for public input. For more information, visit CascadeCrossingProject.com.
About Bonneville Power Administration
BPA is a not-for-profit federal electric utility that operates a high-voltage transmission grid comprising more than 15,000 miles of lines and associated substations in Washington, Oregon, Idaho and Montana. It also markets more than a third of the electricity consumed in the Pacific Northwest. The power is produced at 31 federal dams operated by the U.S. Army Corps of Engineers and Bureau of Reclamation and one nuclear plant in the Northwest and is sold to more than 140 Northwest utilities. BPA purchases power from seven wind projects and has more than 3,300 megawatts of wind interconnected to its transmission system.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 822,000 residential, commercial and industrial customers in Oregon. Visit our website at PortlandGeneral.com.
PGE Safe Harbor Statement
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements concerning the potential construction and benefits of the Cascade Crossing project, as well as other statements identified by words including, but not limited to, “will,” “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including regulatory, operational and legal matters, as well as other factors that could affect the successful completion and operation of the project. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statements. Prospective investors should also review the risks and uncertainties listed in the Company’s most recent Annual Report on Form 10-K and the Company’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operation and the risks described therein from time to time.
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