American Electric seals joint venture |
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Thu, 23 Aug 2007 15:58
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COLUMBUS, Ohio (AP) - American Electric Power Co. on Thursday said it finalized its joint venture with Allegheny Energy Inc. to build a 290-mile, high-voltage transmission line from West Virginia into Maryland.The Potomac-Appalachian Transmission Highline project includes about 244 miles of extra-high voltage transmission from American Electric's Amos substation near St. Albans, W.Va., to Bedington substation, northeast of Martinsburg, W.Va.Another 46 miles of transmission will be built from Bedington to a new substation to be built near Frederick, Md., American Electric said.The total project cost is estimated at about $1.8 billion, with American Electric's share expected to be about $600 million.The joint venture holding company, Potomac-Appalachian Transmission Highline LLC, plans to file with the Federal Energy Regulatory Commission in early fall to establish a rate of return and appropriate rates to recover the costs of the project.Work also will begin on a routing study and environmental assessment for the project, which will require about one year to complete, American Electric said.After the completion of the routing study, the joint venture's operating companies will seek regulatory approvals from the utility commissions in both West Virginia and Maryland, American Electric said.American Electric shares rose 7 cents to $46.71 in morning trading, while Allegheny shares rose 53 cents to $53.64.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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