ST. LOUIS, March 7, 2023 /PRNewswire/ — The California Independent System Operator (“CAISO”) today announced that it has selected LS Power Grid California, LLC, to finance, construct, own, operate and maintain two new projects to support electric reliability in California: the Newark – Northern Receiving Station HVDC Project (“Newark Project”) and the Metcalf – San Jose B HVDC Project (“Metcalf Project”).
“LS Power is pleased to be selected in CAISO’s competitive processes to improve the reliability of the power grid in the San Jose area,” said Paul Thessen, President of LS Power Development. “The projects will employ some of the most advanced grid technologies to reliably serve San Jose’s growing electric load and support California’s energy transition.”
CAISO conducted a competitive selection process pursuant to the Federal Energy Regulatory Commission’s Order No. 1000 and selected LS Power’s proposals from a total of six qualified proposals for the Newark Project and five qualified proposals for the Metcalf Project. These selections represent LS Power’s sixth and seventh competitively procured transmission awards by CAISO. CAISO’s selection of LS Power is based on a comparative analysis, which identified the sponsor best able to implement the project in a cost-effective, efficient, prudent, reliable, and capable manner over the lifetime of the facility while maximizing overall benefits and minimizing risks.
The Newark Project and Metcalf Project were planned by CAISO to reinforce the electrical grid in and around San Jose, enhance reliability, and increase access to cost-effective, renewable electricity. Each project provides a new high voltage source to the San Jose area with the ability to control power flows via high voltage direct current (HVDC) converter stations connected to existing substations in the area. The projects are pre-planned for future expansions that can facilitate enhanced power control on the California grid to reliably accommodate future growth.
“LS Power thanks CAISO for its efforts in conducting a thorough, competitive process to achieve cost-efficient transmission solutions to the benefit of electric consumers,” Thessen said. “Our team looks forward to collaborating with CAISO, the California Public Utilities Commission, and local communities in advancing these projects together.”
About LS Power:
LS Power is a development, investment, and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed, or acquired more than 46,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired, and battery energy storage projects, of which ~17,000 MW are currently operating. LS Power’s Energy Transition Platforms include CPower Energy Management, Endurant Energy, EVgo, Rise Light & Power, and REV Renewables, as well as Waste-to-Energy initiatives. In addition, LS Power developed and operates over 680 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $50 billion in debt and equity financing to support North American infrastructure. Through 2021, assets under LS Power control avoided 80.67 million metric tons of CO2e, equivalent to nearly 187 million barrels of oil not consumed or over 17.5 million cars taken off the road for one year. For more information, please visit www.LSPower.com.
SOURCE LS Power
