DOW JONES NEWSWIRES
Developers of a $1.1 billion electric transmission line that
would link Eastern Canada with the Northeastern U.S. plan to seek
federal and state approval for the project over the next year and a
half, according to Northern Utilities (NU), a primary
participant.
A joint venture owned by Northern Utilities, of Hartford, Conn.,
and Nstar (NST), of Boston, plan to build a high-voltage
transmission line from the Canadian border to southern New
Hampshire and an associated alternating-current radial transmission
line.
The joint venture, Northern Pass Transmission LLC, has signed a
transmission service agreement with a unit of Canadian
government-owned Hydro-Quebec to charge cost-of-service rates, plus
a rate of return on equity of 12.6%, according to an 8-K form that
NU filed Tuesday with the Securities and Exchange Commission.
The agreement, which NU said would be filed soon with the
Federal Energy Regulatory Commission, will enable Hydro-Quebec to
export more power to the Northeastern U.S.
Shares of NU closed flat at $30.20; shares of Nstar closed down
1% at $39.30.
-By Cassandra Sweet, Dow Jones Newswires; 415-269-4446;
cassandra.sweet@dowjones.com