Apr 17 2008
Wisconsin Public Service Corporation, a subsidiary of Integrys Energy Group, Inc. (NYSE: TEG), has signed a Term Sheet to negotiate a contract for a 500-megawatt purchase of electric capacity, energy, and renewable attributes from Manitoba Hydro. The proposed 14-year purchase, valued at more than $2 billion (US$), will be tied to the construction of two proposed hydro-electric facilities on the Nelson River in northern Manitoba, expected in 2018.
The transaction, after negotiation, will be subject to several regulatory approvals and the construction of any needed transmission system reinforcements between Manitoba and Wisconsin.
"We're excited about the possibility of bringing a large, carbon-neutral electric resource into our supply portfolio," said Charlie Severance, general manager -- wholesale and renewable power. "We have a wonderful working relationship with Manitoba Hydro that's going on ten years now, and we are pleased that it could expand. Our customers could benefit greatly from the relatively low-cost renewable hydroelectric power."
According to Severance, the first step in the process is to participate in a transmission study that will identify any needed transmission reinforcements.