Suspension of Lake Erie Connector Transmission Project
On August 2 the project of the private investment company ITC Investment Holdings to develop a major new transmission line under Lake Erie was suspended. This follows the notification given on July 27 to Six Nations of the Grand River Development Corporation (SNGRDC) that ITC Investment Holdings Inc., the company leading the project, had suspended all project development activities and commercial negotiations.
The Lake Erie Connector was "planned to be a 117 km, bi-directional, high voltage direct current (HVDC), underwater electricity transmission line. The LEC would have delivered 1,000 MW of power directly between Ontario and the largest electrical market in the world — 13 U.S. Mid-Western and Mid-Atlantic states. One converter station was planned to be located at either end of the cable, in Haldimand County, Ontario and Erie, Pennsylvania. The project was being developed by ITC Investment Holdings Inc. and early site work was anticipated to begin in 2023."
The SNGRDC informs that "over the course of the project investment review, the Six Nations of the Grand River Elected Council (SN Elected Council), Six Nations of the Grand River Economic Development Corporation Group (SNGRDC Group), staff and the community invested considerable efforts in assessing the fit of this project for the Six Nations community. We are disappointed the Six Nations community will not realize the economic benefits from this project."
SNGRDC and SN Elected Council were prepared to enter into a $33 million equity investment deal in the Lake Erie Connector Project.
Six Nations of the Grand River Development Corporation (SNGRDC) manages the Six Nations' economic interests in 20 renewable energy projects and numerous economic development opportunities, in and around the Six Nations territory. SNGRDC is located on the Six Nations Reserve and employs an average of 140 employees through Nation Enterprise or the administration of Economic Interests projects. For more information, please visit www.sndevcorp.ca.
This article was published in
Volume 52 Number 25 - October 4, 2022
Article Link:
https://cpcml.ca/Tmld2022/Articles/D520254.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca