The Biden administration said on Monday it is committing up to $1.3 billion for three new power lines crossing six states in the U.S. West and Northeast, to help bolster the aging grid and bring renewable power to more customers.
The money will not fund direct construction of the lines. Rather, the Department of Energy, or DOE, will seek to reduce the financial risks of companies building the lines by offering so-called capacity contracts authorized by a $2.5 billion program in the 2021 bipartisan infrastructure law.
Energy Secretary Jennifer Granholm told reporters in a call the arrangement allows the DOE to be an anchor tenant of the lines, "which gives the developers the confidence that they can actually build and that there will be offtake" of the power from the lines. The DOE says the U.S. needs to more than double the capacity of the power grid, parts of which are more than a century old, to realize President Joe Biden's climate goals, including reaching 100% clean electricity by 2035.
The Southline Transmission Project is a proposed 748 MW line to help unlock solar and other renewable power in New Mexico and deliver it to growing markets in Arizona that currently rely on fossil fuel-generated power. Construction on the two projects is expected to begin in 2025.
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