ITC Holdings Corp (NYSE:ITC) Wednesday said it is ready with the last piece of the Thumb Loop high-voltage (HV) transmission project, which the US company says can carry 5 GW of low-cost wind energy across Michigan.
Subsidiary ITC Transmission has concluded the energisation of the third and final phase of the project. ITC Holdings has spent around USD 510 million (EUR 450.6m) to build the 345-kV line, “the backbone” of a system tailored to meet the identified maximum wind power potential of Michigan’s Thumb region.
“This project brings an increase in transmission system capacity and reliability while providing more efficient transmission of renewable energy,” commented Joseph L Welch, head of the electricity transmission company.
ITC cited studies by the Midcontinent ISO, the authority overseeing transmission for a 15-state area, that show multi-value projects such as the Thumb Loop are seen to bring benefits of between two-and-a-half and four times the project cost for customers in Michigan and the broader region.