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SOURCE Duke-American Transmission Co.
CHARLOTTE, N.C., March 11, 2013 /PRNewswire/ -- Duke-American Transmission Co. (DATC) has reached an agreement to purchase Atlantic Power Corporation's interest in the Path 15 transmission project, an existing 84-mile, 500-kilovolt transmission line in central California.
"Path 15, which connects the transmission grids between northern and southern California, plays an important role in maintaining regional electric system reliability and market efficiency," said Phil Grigsby, president, DATC. "Path 15 was a ground-breaking project that launched the competitive transmission industry by using private capital to fund much-needed new transmission infrastructure, and we're excited to be a part of that legacy."
Path 15 has had a strong operating track record since it was placed into service in 2004. It is fully integrated into the California Independent System Operator (CAISO) grid. With a capacity of approximately 1,500 megawatts of power, the line provides access to several California load centers.
Under the terms of the agreement, DATC will acquire a 72 percent interest in the Path 15 transmission line. Pacific Gas & Electric has an 18 percent interest through its ownership and operation of the connecting Los Banos and Gates substations. The remaining 10 percent interest in Path 15 is owned by Western Area Power Administration, which will continue to operate and maintain the line.
"This purchase is an important step forward for DATC," said John Flynn of the DATC board of managers. "We formed DATC to acquire and build strong, strategic projects that would position us to be leaders in the commercial transmission business – this is one of those opportunities."
About DATC – Duke-American Transmission Co. is a joint venture between Duke Energy (NYSE: DUK) and American Transmission Co. formed in 2011 to plan and develop strategic transmission projects across the U.S. and Canada. For more information, visit: www.datcllc.com
ATC Media Contact:
Anne Spaltholz, 855-770-3282
Duke Energy Media Contact:
Tammie McGee, 980-373-8812
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