American Electric Power Co. (AEP -1.80%) announced today that regulators have approved its application for a $309 million Texas transmission line.
The AEP-backed project brings together electric companies Electric Transmission Texas, LLC and privately owned Sharyland Utilities, LP to ensure consistent service for citizens living in and between Edinburg and Brownsville. Electric Transmission Texas, LLC is a joint venture of American Electric Power Co. and Berkshire Hathaway's MidAmerican Energy Holdings Company.
"This project will not only improve both the reliability and stability of the grid in the Lower Rio Grande Valley, it also will provide a real engine for economic growth in communities throughout the region," said Sharyland President Mark Caskey in a statement today. "A reliable, large-scale source of electric power is absolutely critical in attracting new investment and economic development, especially for communities like Brownsville."
Although the Electric Reliability Council of Texas gave the project its thumbs up in 2012, today's announcement marks the official go-ahead from the Public Utility Commission of Texas. With regulatory approval solidified, American Electric Power Co., expects the 345-kilovolt
transmission line to be completed during the summer of 2016.