MISO, a regional transmission organization whose footprint includes 15 U.S. states and the Canadian province of Manitoba, says that the benefits of its Multi-Value Project (MVP) portfolio not only remain intact, but also are greater than originally estimated.
The MVP portfolio was first approved by the MISO board of directors in 2011. The portfolio consists of 17 transmission projects designed to address regional reliability needs, deliver economic benefits, and provide greater access to renewable energy resources – especially wind power – across the MISO footprint.Â
According to MISO, its latest review found that the MVP portfolio does the following:
– Enables 43 million MWh of wind energy annually to meet renewable energy mandates and goals – 2 million MWh more than what a 2011 analysis estimated;
– Creates net economic benefits for customers, with $13 billion to $50 billion expected over the next 20 to 40 years – a substantial increase from 2011 estimates; and
– Provides benefits in excess of its costs, with its benefit-to-cost ratio ranging from 2.6 to 3.9 – significantly higher than the range of 1.8 to 3.0 previously calculated.
MISO says the review also found that the MVP portfolio reduces carbon emissions from electric generating units by 9 million to 15 million tons annually, as well as continues to support the creation of thousands of local jobs and billions of dollars in local investment.
‘This study confirms that the MVP portfolio will deliver significant value across the MISO region,’ comments Jennifer Curran, MISO's vice president of system planning and seams coordination. ‘As generation supply tightens across the MISO footprint, these MVPs will play a key role in ensuring access to reliable, low-cost energy.’
According to MISO, the increases in benefit projections are primarily attributed to natural gas price assumptions and declining capacity reserves.
The full MISO report is available here.