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.



Hse SandyHook
Latest Top Stories

SaskPower Halts Smart Meter Installations Following Fires

The Canadian utility has suspended its smart meter deployment as it investigates half a dozen fires associated with the meters.


New Study Underscores Value Of Customer Engagement, Ranks Most-Trusted U.S. Utilities

According to the report, which analyzes 125 utilities across the country, earning a customer's trust can lead to monetary gains.


Washington State Doles Out Cash For Utility Energy Storage Projects

Three utilities have been awarded millions of dollars in grants to explore energy storage technology that could help integrate renewable and improve the power grid.


Utilities Reveal Just How Much Customers Are Saving With Energy Efficiency Programs

Two U.S. utility companies have issued progress reports and solid numbers regarding their respective initiatives.


Middle East And North African Countries To Spend Billions On Smart Grids, Solar Integration

According to a new report from Northeast Group LLC, the MENA region will make big investments to modernize the grid and add more solar power by 2024.

S&C Electric_id176
edf_id180