"Going forward, the deal will prove to be an important step for the Duke Energy joint venture," Zacks said. The California project will help give ATC a platform for taking part in the commercial transmission business, said analysts at Zacks Inc. Since then, the joint venture has outlined a series of projects, including seven Midwest power lines with an estimated cost of $4 billion, as well as a $3.5 billion power line that is proposed from Wyoming to Nevada. It comes weeks after a bill was introduced in Madison that would grant DATC the ability to have an ownership stake in the rights to sell power along transmission lines, in addition to the right to owning a line outright. The transaction is the first of its kind for DATC, a joint venture formed two years ago between the nation’s largest electric utility, Duke Energy Corp., and Pewaukee-based American Transmission Co. The project began transferring electricity in 2004. The transmission rights being sold represent a 72% stake in the Path 15 power line, an 84-mile power line that links southern and northern California. said it will receive cash proceeds of $56 million from the sale to Duke-ATC, and that DATC will assume $137 million in debt tied to the project. The investment is the joint venture’s first move to buy an ownership stake in transmission rights along a power line that’s already been built, as opposed to building and owning its own transmission lines.īoston-based Atlantic Power Corp. is buying an ownership stake in a California power line that was built to improve the flow of electricity after widespread blackouts in 2001.
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