ITC sees new transmission infrastructure as a critical component in achieving urgent and necessary climate change goals around the world, specifically in theUnited States. The company has identified this need as a business opportunity and ITC has focused its business on “identifying [grid] solutions for how to integrate wind and other renewable resources.” The result is the “Green Power Express,” which is a broad network of 765 kilovolt transmission facilities that has been designed to move up to 12,000 megawatts of renewable energy from wind-rich areas to major Midwest load centers. The entire project is currently estimated to cost approximately $10 to $12 billion and is expected to be in service by 2020. The Green Power Express is also expected to result in a reduction of up to 34 million metric tons of carbon dioxide emissions, which is equivalent to the annual emissions of seven to nine 600 megawatt coal plants or up to 11 million automobiles.
Portfolio 21 believes ITC will play an essential role in modernizing the United States’ ability to harness its full potential of renewable energy assets, reduce carbon dioxide emissions, and assist states in meeting their renewable portfolio standards. Nevertheless, we have asked the company to increase its transparency surrounding its direct and indirect environmental impacts.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/13 and may not reflect current opinions or subsequent events.