Cision PR Newswire
LS Power Selected by the California ISO for Transmission Projects
News provided byLS Power
Jan 25, 2023, 10:20 AM ET
LS Power's projects provide cost savings and electric rate certainty
ST. LOUIS, Jan. 25, 2023 /PRNewswire/ -- The California Independent System Operator ("CAISO") announced on January 23 that it has selected LS Power Grid California, LLC to finance, construct, own, operate and maintain the Collinsville 500/230 kV Substation Project ("The Collinsville Project") and the Manning 500/230 kV Substation Project ("The Manning Project").
"LS Power is honored to be selected for these important projects that will improve the reliability of the California grid and enable new renewable generation," said Paul Thessen, President of LS Power Development. "These projects align with LS Power's goals to be on the forefront of the transition to clean energy."
CAISO conducted a competitive selection process pursuant to the Federal Energy Regulatory Commission's Order No. 1000 and selected LS Power's proposals from a total of four qualified proposals per project. These represent LS Power's fourth and fifth competitively procured transmission awards by CAISO. CAISO's selection reports for each project stated that LS Power's proposals "provide the most overall rate certainty and stability and the lowest project net present value." CAISO's reports went on to say that LS Power offered "the strongest cost containment measures."
Each project included new high-voltage facilities that enhance the transmission grid to meet state policy goals for renewable energy. The Collinsville Project will increase the reliability of the northern greater Bay Area by connecting the 500 kV and 230 kV systems near Pittsburg via a new substation and new 230 kV transmission lines. The Manning Project will reinforce the Central Valley area with a new 500/230 kV substation and new 230 kV transmission lines. Both projects will enable new renewable generation connections in CAISO.
"We look forward to implementing these projects in close collaboration with CAISO, the California Public Utilities Commission and the local communities," Thessen said. "We appreciate CAISO's thorough evaluation and recognition of the long-term value and certainty that can be provided through competitive transmission processes."
About LS Power
LS Power is a development, investment, and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed, or acquired more than 46,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired, and battery energy storage projects, of which ~16,700 MW are currently operating. LS Power's Energy Transition Platforms include CPower Energy Management, Endurant Energy, EVgo, Rise Light & Power, and REV Renewables, as well as Waste-to-Energy initiatives. In addition, LS Power developed and operates over 660 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $49 billion in debt and equity financing to support North American infrastructure. Through 2021, assets under LS Power control avoided 80.67 million metric tons of CO2e, equivalent to nearly 187 million barrels of oil not consumed or over 17.5 million cars taken off the road for one year. For more information, please visit www.LSPower.com.
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SOURCE LS Power