Las Vegas, August 20, 2010 — NV Energy, Inc. and Great Basin Transmission, LLC, an affiliate of LS Power, announced the signing of a definitive agreement to jointly construct and own a 500 kilovolt transmission line in Nevada.
According to the agreement, NV Energy will own 25 percent of the One Nevada Transmission Line (ON Line) and purchase Great Basin’s share of capacity under a long-term agreement. The agreement is subject to review and final approval by the Public Utilities Commission of Nevada and the Federal Energy Regulatory Commission.
The transmission line will provide access to isolated renewable energy resources in parts of northern and eastern Nevada. Additionally, it will connect NV Energy’s northern service area with its service area in southern Nevada, which will enhance overall energy-sharing efficiencies and renewable energy utilization.
Michael Yackira, president and CEO for NV Energy, said, “We are pleased to finalize the agreement with our partner, LS Power. ON Line will bring expanded opportunities for renewable resources and provide more jobs for our state. We thank our federal and state delegation for their leadership and for working with us as we advance Nevada’s renewable energy future.”
Construction of ON Line is planned to begin later this year, resulting in about 400 jobs and millions of dollars in sales and use tax and property tax payments for Nevada counties and schools.
Headquartered in Las Vegas, NV Energy, Inc. is a holding company with principal subsidiaries Nevada Power Co. and Sierra Pacific Power Co. doing business as NV Energy.
Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to about 2.4 million citizens of Nevada and nearly 40 million tourists annually.
Great Basin is a single-purpose company formed to develop, finance, construct, own, and operate the Southwest Intertie Project. Great Basin is wholly owned by LS Power, a power generation and transmission group.