CARMEL, Ind., Dec. 8, 2011 /PRNewswire/ -- MISO's Board of Directors today unanimously approved MISO's Transmission Expansion Plan 2011 (MTEP11), a comprehensive long-term regional plan for the electric grid that will bring more than $2 billion in annual benefits for decades to come for energy consumers throughout the Midwest. The plan was developed during an 18-month process that included dozens of meetings with stakeholders to ensure the reliable and low-cost delivery of energy now and in the future.
"I thank our transmission owners, state regulators and policymakers, and all our stakeholders for supporting our value-based planning process, enabling MISO to ensure reliable, low-cost energy is available for the customers our members serve. The projects in MTEP11 will make low-cost electricity accessible and create thousands of jobs in the process," said John R. Bear, President and Chief Executive Officer.
When integrated into the existing power transmission network, the projects approved in MTEP11 will improve system reliability, connect 2,700 MW of queued generation and lower the cost of delivered energy while also enabling energy policy mandates. Board approval requires MISO's transmission owners to use due diligence to construct the facilities approved in the plan.
MTEP11 recommends 215 new transmission infrastructure projects, including 16 industry-leading Multi-Value Projects (MVPs). Together with the previously approved MVP, the 17 MVPs alone will create $15.5 to $49.2 billion in net present value economic benefits over a 20 to 40-year timeframe. The MVP portfolio provides broad regional benefits commensurate with costs and also supports approved state and federal energy policy mandates in the MISO region. In total, the portfolio will deliver benefits in excess of 1.8 to 3.0 times its costs. For retail customers, that translates to $23 in benefits from lowered delivered energy costs for about $11 a year in investment -- a 109 percent return.
"The portfolio of Multi-Value Projects will not only improve regional reliability, but it also will create up to 39,800 construction and 74,000 total annual jobs and generate up to $49.2 billion in benefits from the use of lower-cost generation and reductions in energy wasted through transmission losses," Bear said. "In addition, all of MTEP11 projects are essential to helping the region manage the severe drop in planning reserve margins that is likely to occur in the next several years if pending environmental regulations proceed as planned," he said.
Through the use of a low-cost generation siting system developed in collaboration with MISO's stakeholders, state regulatory officials and transmission owners, MVPs optimize portability for wind generation while minimizing distances from planned transmission to other fuel sources, assisting the region's transition to new generation facilities. This in turn allows the states within the MISO footprint to meet their renewable energy and ensure lower-cost generation is fully utilized in the wake of pending environmental regulations that could cause the simultaneous outage of 61,000 MW of coal-fired generation in the region.
For more information on MISO's value-added planning process, MTEP11 and the Multi-Value Projects portfolio, see MISO's MTEP11 and MVP One-Pagers posted on MISO's website. There you will find information on the following topics:
- MTEP 11 Overview
- Benefits from Multi-Value Projects
- How MVPs Create Jobs, Benefits for States
- MVP Map by Zone
MISO ensures reliable operation of, and equal access to high-voltage power lines in 12 U.S. states and the Canadian province of Manitoba. MISO manages one of the world's largest energy markets, clearing nearly $27 billion in energy transactions annually. MISO was approved as the nation's first regional transmission organization in 2001. The non-profit 501(C)(4) organization is governed by an independent Board of Directors and is headquartered in Carmel, Ind., with operations centers in Carmel and St. Paul, Minn. Membership in the organization is voluntary.