The Bonneville Power Administration and Portland General Electric (NYSE: POR) have identified terms and conditions to be addressed in connection with their discussions concerning joint development of PGE’s proposed Cascade Crossing Transmission Project. The terms and conditions include a broad range of technical studies, economic considerations and other work necessary for the parties to further evaluate the project and their scope of participation.
“PGE is committed to working with BPA and other regional utilities to develop a project that would help meet the state’s growing energy needs, including renewable power, and strengthen reliability of the Northwest’s grid,” said Bill Nicholson, senior vice president for customer service, transmission and distribution. “This agreement is part of a collaborative relationship with BPA to ensure we meet our respective customers’ transmission needs.”
“We continue to explore cost-effective ways to meet the region’s growing electricity needs,” said Brian Silverstein, BPA Transmission Services senior vice president. “We are always willing to explore ways to provide benefits to ratepayers throughout the Northwest and minimize the need for new transmission facilities.”
PGE has proposed Cascade Crossing, a 500-kilovolt transmission line running from Boardman, Ore., to the Salem, Ore., area, to help meet Oregon’s growing energy needs, enhance reliability of the electrical grid and allow for development of more renewable power projects to help meet the state’s Renewable Portfolio Standard. The project would connect new and existing energy generating resources east of the Cascades to the Willamette Valley.PGE previously executed memorandums of understanding for discussion surrounding Cascade Crossing with PacifiCorp, Idaho Power and the Confederated Tribes of Warm Springs (CTWS). In order to build the project, PGE must obtain approvals from the CTWS, state and federal governments. PGE has submitted a Notice of Intent to apply for an Energy Facility Site Certificate from the Oregon Energy Facility Siting Council and has applied to the federal government for right-of-way grants and special use authorization to cross federally managed lands. PGE is in the second year of what is expected to be more than a three-year permitting process, which includes a variety of opportunities for public input. For more information, visit CascadeCrossingProject.com. About Bonneville Power Administration BPA is a non profit federal agency that markets renewable hydropower from federal Columbia River dams, operates three-quarters of high-voltage transmission lines in the Northwest and funds one of the largest wildlife protection and restoration programs in the world. BPA and its partners have also saved enough electricity through energy efficiency projects to power four large American cities. For more information, contact us at 503-230-5131 or visit our website at www.bpa.gov. About Portland General Electric Company Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 825,000 residential, commercial and industrial customers in Oregon. Visit our website at www.PortlandGeneral.com. PGE Safe Harbor Statement Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements concerning the potential construction and benefits of the Cascade Crossing project, as well as other statements identified by words including, but not limited to, “will,” “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including regulatory, operational and legal matters, as well as other factors that could affect the successful completion and operation of the project. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statements. Prospective investors should also review the risks and uncertainties listed in the Company’s most recent Annual Report on Form 10-K and the Company’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operation and the risks described therein from time to time.
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