Minnesota Power Joins Power Delivery System
The non-profit MISO was formed to independently manage bulk electrical transmission needs on a regional basis. Its primary objectives are to provide open competitive access to a large regional transmission system, thus facilitating a robust marketplace and enhancing the stability and reliability of the nation's power grid.
The Federal Energy Regulatory Commission (FERC) developed the ISO and RTO (Regional Transmission Organization) concepts to help support deregulation in the electricity industry. The MISO was founded in 1996 by transmission owners and was specifically configured to comply with the FERC concept of an independent organization.
By joining MISO, Minnesota Power will have a wider regional network with which to exchange energy, based upon a consistent schedule of tariffs. The Midwest will be served by one "super-regional" system between the MISO and the Alliance, a new transmission system operator to the east of MISO.
"Joining MISO will help us achieve our goals to manage our generation and energy sourcing assets for maximum value, reliability and profitability," said Minnesota Power Senior Vice President Steve Sherner. "This also allows us to pursue comprehensive development of the region's transmission system."
Participants in the MISO include utilities with more than 37,000 miles of transmission lines and 39,750 megawatts of electric generation.
Minnesota Power, an ALLETE Company (NYSE: ALE), serves 144,000 customers in northeastern Minnesota and northwestern Wisconsin with low-cost electricity. ALLETE is a multi-services company with corporate headquarters in Duluth, Minnesota. Other holdings include the second largest wholesale automobile auction network in North America; the leading provider of independent auto dealer inventory financing; the largest investor-owned water utilities in Florida and North Carolina and significant real estate holdings in Florida.