Summary
Duke Energy Corporation (DUK) has entered into a material definitive agreement to form a joint venture with American Electric Power Company, Inc. (AEP). This partnership aims to construct and operate a significant new transmission infrastructure project, involving approximately 240 miles of extra-high-voltage 765-kilovolt transmission lines and associated facilities in Indiana. Both Duke Energy and AEP will hold equal ownership stakes in this joint venture and will share project costs evenly.
Key Highlights
- 1Duke Energy and American Electric Power (AEP) formed a joint venture on August 8, 2008.
- 2The joint venture will build and operate 240 miles of extra-high-voltage 765-kilovolt transmission lines in Indiana.
- 3The project aims to connect Duke Energy's Greentown sub-station to AEP's Rockport generating station.
- 4The estimated cost for this transmission line project is approximately $1 billion.
- 5Duke Energy and AEP will have equal ownership and share costs equally in the joint venture.
- 6The project requires approvals from PJM Interconnection, Midwest ISO, the Federal Energy Regulatory Commission (FERC), and a filing in Indiana.
- 7The earliest expected completion date for the transmission lines is between 2014 and 2015.