ITC HOLDINGS, CONJUNCTION RECEIVE FERC APPROVAL
AND CLOSE ON INVESTMENT FOR EMPIRE CONNECTION
Investment Will Help to Fund Development of
Empire Connection Project to Improve Reliability
and Save New Yorkers More Than $600 Million
Annually
New York, N.Y., Novi, Mich., and Albany,
N.Y., Oct. 28, 2003 - ITC Holdings
Corp. has closed on its initial investment in
Conjunction LLC to fund development of Conjunction’s
Empire Connection project, an important step
toward strengthening the country’s electrical
transmission grid. Kohlberg Kravis Roberts &
Co. (KKR) and Trimaran Capital Partners are
the principal equity investors in ITC Holdings.
The investment follows approval from the Federal
Energy Regulatory Committee (FERC). The next
step in building the project is to file an Article
VII petition with the New York Public Service
Commission.
Empire Connection will carry up to 2,300 megawatts
of low-cost power from upstate New York, New
England and Canada to the energy-hungry New
York City metropolitan area and will result
in better system reliability and greater efficiency
in the flow of electricity.
The initial investment will help to fund project
development and leverage ITC Holdings’
experience, expertise and resources in the electric
transmission industry. ITC Holdings is the parent
of International Transmission Company, a leading
stand-alone, independent transmission company
based in Novi, Mich.
The approximate $700 million Empire Connection
project is comprised of two circuits along railroad
and highway rights-of-way some 130 miles from
upstate New York to New York City. Empire Connection
makes the power supply for downstate more secure
and provides environmental benefits, including
a reduction in power plant emissions. The recent
blackout in the Northeast and Midwest, affecting
approximately 50 million electric customers
in New York, Ohio, Michigan and Canada, is evidence
such projects are critical and long overdue.
Conjunction estimates that Empire Connection
will save New York City and Westchester County
residents and businesses more than $600 million
per year in electric costs starting in 2006,
when the project comes online.
Conjunction LLC, based in Albany, New York,
is dedicated to building transmission super-highways
to bridge transmission bottlenecks with low-cost,
clean and reliable power principally using direct
current cable. Over the last 15 months, Conjunction
has worked closely with the state government
of New York and the New York power industry
to finalize the construction plan for Empire
Connection. For additional information, please
visit www.conjunctionllc.com and www.empireconnection.com.
ITC Holdings is a stand-alone, independent
electric transmission company. It focuses on
identifying, building and maintaining high-voltage
electric transmission facilities that result
in greater efficiency and lower overall cost
of energy to customers. ITC Holdings’
principal operating subsidiary, International
Transmission Company, is responsible for operating
and maintaining more than 2,500 miles of overhead
and underground high voltage transmission facilities
in Southeast Michigan. For additional information,
visit www.itctransco.com.
Contacts:
International Transmission Company
Linda Blair
(248) 374-7118
lblair@itctransco.com
Franco Public Relations Group
Marc Harlow
(313) 567-5014
harlow@franco.com
Conjunction LLC
Steve Mitnick
(518) 465-5200
smitnick@conjunctionllc.com
Back to 2003 archive
|
