Neptune Regional Transmission System Seeks FERC Tariff Approval

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-- WITH PHOTO -- TO BUSINESS AND ENERGY EDITORS:

Neptune Regional Transmission System Seeks FERC Tariff Approval

WASHINGTON, DISTRICT OF COLUMBIA, May. 23 -/E-Wire/-- Neptune Regional Transmission System LLC filed today with the U.S. Federal Energy Regulatory Commission (FERC) for tariff approval to provide electric transmission services over a new marine network linking the northeast and mid-Atlantic United States with Atlantic Canada. The sub sea high voltage direct current (HVDC) electric transmission network will link customers in high-demand but power-short urban centers like downtown Boston, Manhattan, Long Island and the Connecticut Shore to power supplies in Maine, Atlantic Canada, and New Jersey.

( Photo: http://www.newscom.com/cgi-bin/prnh/20010523/NEW038 )

"Neptune will provide energy consumers in New England and New York with greater access to efficient and clean generation resources," said Charles E. Hewett, CEO of Atlantic Energy Partners, LLC, which is managing Neptune RTS. "With this initial regulatory filing at FERC, we now look forward to public discussions of the benefits of our project with utilities, customers and other stakeholders."

Hewett noted that Atlantic Energy Partners LLC has been working on the Neptune Project for more than two years and that the FERC filing is just one step in establishing the feasibility of the system. Said Hewett, "Our filing asks FERC to allow us to hold an 'open season' auction in September to market the capacity of the network. The final shape of the system will depend on the results of that process as well as our work with other stakeholders."

When complete, the 4800 MW marine network would have three 1200 MW transmission lines from New Brunswick, Nova Scotia and Maine connected to markets further south in Boston, the Connecticut Shore, and New York City. Another segment most likely to be constructed first is planned to link New Jersey with New York City and Long Island, possibly as early as 2003.

The system will provide electricity customers with greater access to generation resources in a wider region than now exists, given the numerous constraints to long-distance transmission today. Diverse fuel types, different weather patterns, and the fact that the northern area served by the system has peak electric demand in the winter while the southern region peaks in the summer should help stabilize, if not lower, electric power prices and supplies.

Power supplied by the Neptune System will provide an additional option for utilities and policy makers who are concerned about power supplies and related air emissions. For example, power supplied over Neptune could displace power generated with oil and distillate fuels in urban areas and thus make possible significant air emission reductions. The system may also lessen the need for expanding conventional land-based electric transmission.

The first Canadian link is scheduled for late 2004 with a transmission line connecting New Brunswick with New York. This would be New York's first direct interconnection with Atlantic Canada. Neptune RTS is working jointly with NB Power of New Brunswick to pursue the development. Other links are contemplated for 2005 and 2006 that would connect Nova Scotia and Maine with the Boston area and Connecticut and, through the original New Brunswick link, to New York.

"The Neptune Project has significant potential because it would provide direct access to important developing electricity markets and foster the development of generation in New Brunswick," said NB Power President and CEO James Hankinson. "The greater utilization of our transmission system furthers our objectives to provide customers in New Brunswick with stable rates and reliable power."

Sub sea HVDC electric transmission policy has been in use in other parts of the world for more than 30 years. These systems achieve very high reliability ratings with little power loss over long distances. Unplanned outages occur much less than one-percent of the time. The cable is buried 10 to 14 feet below the seabed and contains no pollutants that could escape in the unlikely event the cable were broken. Neptune will work with the fisheries community and other interests to ensure the cable is routed around sensitive fishery and environmental areas.

In addition to the FERC tariff, the project also requires review by U.S. and Canadian agencies with respect to various technical, environmental and international aspects of the project. The entire project comprising the various Canadian and U.S. segments making up the Neptune System represents a potential investment of (US) $2-3 billion.

Atlantic Energy Partners, LLC (www.neptunerts.com) is an international development team of energy, engineering, construction and marketing companies. Partners are Cianbro Corporation of Maine, Tompkins Research and Management Consulting of Connecticut, ESAI Energy Ventures LLC of Massachusetts, Standard Energy Development of Halifax, and CTSBM Investments LLC of Maine.

Neptune Regional Transmission System LLC

http://www.neptunerts.com

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