in News Departments > FYI
print the content item

Tortoise Capital Resources Corp. (TTO) has entered into a definitive agreement with the Public Service Company of New Mexico (PNM) for the sale of its 40% undivided interest in the Eastern Interconnect Project (EIP) upon lease termination on April 1, 2015. The lease provides PNM an end-of-lease option to purchase TTO's interest for fair market value, and the parties agreed to a value of $7.7 million for the transaction.

TTO acquired an existing lease for the EIP - a 216 mile, 345 kV bulk power transmission line and related equipment and substations - on June 30, 2011, and will continue to lease its interest in the EIP to PNM through April 1, 2015.

The negotiation of the end-of-lease purchase option was prompted, in part, by a directive from the Federal Energy Regulatory Commission (FERC). FERC directed PNM, in consultation with TTO, to identify the party that would provide transmission service over the leased portion of the EIP beyond the lease expiration in 2015.


Hybrid Energy Innovations

Hybrid Energy Innovations 2015
Latest Top Stories

To Help Combat Costly Electricity Theft, Emerging Markets Turn To Smart Grid Infrastructure

According to a new report, the world loses a whopping $89.3 billion to electricity theft annually, and emerging country markets are feeling a majority of the pain.


Report: Utilities Face Big Revenue Cuts From Distributed Energy Resources

According to a new report from Accenture, the growth of solar and other resources, such as energy storage, could mean significant losses for utilities.


NextEra To Acquire Hawaiian Electric In $4.3 Billion Merger Deal

If approved, the agreement between the two energy companies would produce one of North America's largest renewable energy players.


EPA Racks Up Over 1.6 Million Comments On Carbon Pollution Plan

Months after the U.S. Environmental Protection Agency released its Clean Power Plan, which will create new regulations for existing power plants, the agency says it has received loads of feedback to consider.


Smart Grid Interest Continues To Spread Among U.S. Rural Utilities

A new survey gauges rural smart grid efforts across the country and offers key findings, one of which is that nearly all utilities polled are doing something to modernize their systems.

S&C Electric_id176
edf_id180