-Caveat Lector-
{{What is the big deal about the UK being an independent manager of
this power grid? Well, nothing I suppose but remember the post
about Germany purchasing the American Water Company? What is with
foreign governments being placed in charge of our utilities? Is
this normal, standard operating procedure? Anyone know?
AKE}}
UK's National Grid to run U.S. power alliance
REUTERS
LONDON, Aug. 28 - Britain's National Grid Group Plc said on Tuesday
it had been appointed independent manager of a new electricity
transmission company serving 11 U.S. states and a population two
thirds the size of the entire UK market.
NATIONAL GRID SAID it would invest $75 million in initial
capital and draw an annual management fee of $14 million under its
initial seven-year contract to run the new company, called the
Alliance Regional Transmission Organization.
The Alliance, created as part of deregulation of the U.S.
electricity market, comprises the transmission systems of 10
companies covering Indiana, Illinois, Kentucky, Michigan, Missouri,
North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West
Virginia.
The region covers about 41 million people and has peak load of
roughly 108 gigawatts.
National Grid said it would also be eligible to receive
incentive-based earnings, subject to regulatory approval, by
delivering customer savings and enhanced system reliability.
Rick Sergel, Chief Executive of National Grid USA, told
Reuters he hoped these earnings would match the $14 million
management fee by around the middle of the seven-year contract.
REGULATORY APPROVAL
The Alliance, which aims to start operations on December 15,
has already been "substantially approved" by the U.S. Federal
Energy Regulatory Commission and is an attempt to meet a regulatory
push for large and efficient domestic electricity markets, National
Grid said.
But the commission has yet to confirm the Alliance's choice of
National Grid as independent manager.
The commission must be satisfied that National Grid is not a
market participant in the area to be served by the Alliance, the
first of its kind in the United States.
National Grid USA already serves around 1.7 million customers
in the northeast United States and agreed last year to buy New York
-based utility Niagara Mohawk Holdings Inc for $3 billion.
The takeover, which Sergel said was on course to be completed
by the end of the year, will create the ninth largest U.S.
electricity utility with an electric customer base of 3.3 million
in addition to 540,000 natural gas clients.
But the company said it did not have a foothold in the 11
states to be covered by the Alliance. "We believe that we are
independent," a National Grid spokesman said.70°
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