NV Energy, Inc. (NVE) and Great Basin Transmission, LLC, an affiliate of LS Power, have announced the signing of a definitive agreement to jointly construct and own a 500-kV transmission line in Nevada. According to the agreement, NV Energy will own 25 percent of the One Nevada Transmission Line (ON Line) and purchase Great Basin's share of capacity under a long term agreement. The agreement is subject to review and final approval by the Public Utilities Commission of Nevada and the Federal Energy Regulatory Commission.
The transmission line will provide access to isolated renewable energy resources in parts of northern and eastern Nevada. Additionally, it will connect NV Energy's northern service area with its service area in southern Nevada, which will enhance overall energy-sharing efficiencies and renewable energy utilization.
Michael Yackira, President and Chief Executive Officer for NV Energy, said, "We are pleased to finalize the agreement with our partner, LS Power. ON Line will bring expanded opportunities for renewable resources and provide more jobs for our state. We thank our federal and state delegation for their leadership and for working with us as we advance Nevada's renewable energy future."
"We look forward to working together with NV Energy to make this project a success. It represents a unique collaboration between an independent energy project developer and a local utility to spur renewable energy development and economic growth for Nevada," said Mike Segal, Chairman and Chief Executive Officer for LS Power. "We are grateful for the tremendous support we have received in Nevada, and the leadership of federal and state officials in bringing this project to fruition."
Construction of ON Line is planned to begin later this year, resulting in approximately 400 jobs and millions of dollars in sales and use tax and property tax payments for Nevada counties and schools.
