Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,369.81 107.25 0.66%
S&P 500 1,850.88 7.90 0.43%
NASDAQ 4,057.76 23.60 0.59%
Ticker Volume Price Price Delta
STOXX 50 3,124.41 32.89 1.06%
FTSE 100 6,570.99 29.38 0.45%
DAX 9,269.15 95.44 1.04%
Ticker Volume Price Price Delta
NIKKEI 14,417.68 420.87 3.01%
TOPIX 1,166.55 30.46 2.68%
HANG SENG 22,696.01 24.75 0.11%

PGE, BPA Pursuing Change to Cascade Crossing Transmission Project



  PGE, BPA Pursuing Change to Cascade Crossing Transmission Project

  Utility collaboration identifies option that could benefit region, reduce
                                   impacts

Business Wire

PORTLAND, Ore. -- January 14, 2013

Portland General Electric (NYSE: POR) and the Bonneville Power Administration
today announced they have signed a Memorandum of Understanding to pursue a
modification to PGE’s proposed Cascade Crossing Transmission Project that
could benefit the region’s grid while significantly reducing environmental
impacts.

PGE initially proposed a 215-mile transmission project from Boardman, Ore. to
Salem, Ore. Under the modification in the MOU, the line would begin at
Boardman and follow the path of the original project, but terminate at a new
Pine Grove substation that PGE would build about 18 miles southwest of Maupin.
This would eliminate about 101 miles of the project from the Maupin area to
Salem, avoiding most impacts to the Confederated Tribes of Warm Springs
Reservation, the Mt. Hood and Willamette national forests and private forest
and agricultural land in Marion and Linn counties.

PGE also would invest in grid enhancements and/or exchange assets with BPA to
increase transmission capacity, and potentially reduce congestion and enhance
reliability of the grid. In return, PGE could receive up to 2,600 megawatts of
transmission capacity ownership rights to deliver electricity to customers in
Portland and the Willamette Valley. Specific contract terms are still under
discussion.

“PGE and BPA have been working collaboratively, using a ‘one-utility’
approach, to identify opportunities to leverage both utilities’ current and
future transmission assets,” said Bill Nicholson, PGE senior vice president of
customer service, transmission and distribution. “This solution should reduce
the impacts of new transmission, manage costs and benefit customers of both
utilities.”

“We are very pleased with the collaborative effort with PGE and believe we
have found a better alternative that reduces the overall economic and
environmental costs of adding transmission capacity,” said BPA Transmission
Services senior vice president Larry Bekkedahl. “We are in the early stages of
exploring the commercial business aspects of working together to assure
adequate, reliable and cost-effective transmission is provided for the
Northwest.”

BPA will conduct a formal stakeholder review process prior to entering into
any further agreement. PGE and BPA would cooperate to complete necessary
environmental reviews.

PGE intends to file amendments to the public permitting processes for the
Cascade Crossing project. PGE will focus on permitting the project from
Boardman to the Pine Grove substation and will suspend permitting of the
previously proposed section west of the Maupin area. The project currently is
undergoing review by the Oregon Energy Facility Siting Council and federal
agencies involved in the National Environmental Policy Act process.

PGE is proposing the Cascade Crossing Transmission Project to meet its
customers’ growing energy needs, enhance the region’s grid and support
development of wind generation projects east of the Cascades. It is one of
seven projects in the nation that have been identified as a Job-Creating Grid
Modernization Pilot Project by the Obama administration and are the focus of
the Interagency Rapid Response Team for Transmission. The RRTT aims to improve
the quality and timeliness of electric transmission infrastructure permitting,
review and consultation by the federal government.

PGE first began developing Cascade Crossing in response to an order issued by
the Oregon Public Utility Commission in 2004 directing PGE to work with BPA
and others to develop transmission capacity over the Cascade Mountain Range.
The project was included in PGE’s most recent Integrated Resource Plan, which
was acknowledged by the OPUC in November 2010.

About Bonneville Power Administration

BPA is a nonprofit federal agency that markets renewable hydropower from
federal Columbia River dams, operates three-quarters of high-voltage
transmission lines in the Northwest and funds one of the largest wildlife
protection and restoration programs in the world. BPA and its partners have
also saved enough electricity through energy efficiency projects to power four
large American cities. For more information, contact us at 503-230-5131 or
visit our website at www.bpa.gov.

About Portland General Electric Company

Portland General Electric, headquartered in Portland, Ore., is a fully
integrated electric utility that serves approximately 829,000 residential,
commercial and industrial customers in Oregon. Visit our website at
PortlandGeneral.com.

PGE Safe Harbor Statement

Statements in this news release that relate to future plans, objectives,
expectations, performance, events and the like may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements include statements concerning the potential construction and
benefits of the Cascade Crossing project, as well as other statements
identified by words including, but not limited to, “will,” “anticipates,”
“believes,” “intends,” “estimates,” “promises,” “expects,” “should,”
“conditioned upon” and similar expressions. Investors are cautioned that any
such forward-looking statements are subject to risks and uncertainties,
including regulatory, operational and legal matters, as well as other factors
that could affect the successful completion and operation of the project. As a
result, actual results may differ materially from those projected in the
forward-looking statements. All forward-looking statements included in this
news release are based on information available to the Company on the date
hereof and such statements speak only as of the date hereof. The Company
assumes no obligation to update any such forward-looking statements.
Prospective investors should also review the risks and uncertainties listed in
the Company’s most recent Annual Report on Form 10-K and the Company’s reports
on Forms 8-K and 10-Q filed with the United States Securities and Exchange
Commission, including Management’s Discussion and Analysis of Financial
Condition and Results of Operation and the risks described therein from time
to time.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130114006454/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50531126&lang=en

Contact:

PGE
Steve Corson, 503-464-8444
or
BPA
Doug Johnson, 503-230-5840
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement