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Print Edition StoriesTuesday, October 13, 2009
American Superconductor takes stake in first power-grid hub
By Rodney H. Brown
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American Superconductor Corp. of Devens has been chosen to supply its superconducting powerline "pipeline" technology to the Tres Amigas Project, the first renewable energy market hub in the country that, for the first time, interconnects the three major U.S. power grids. The company has also take a minority stake in the entity that runs the hub, Tres Amigas LLC, for $1.75 million in cash and AMSC stock.
The Tres Amigas Project is intended to enable faster adoption of renewable energy and increase the reliability of the U.S. grid by linking the three U.S. power grids — the Eastern Interconnection, the Western Interconnection and the Texas Interconnection. According to American Superconductor (Nasdaq: AMSC) officials, all three Interconnections have never been united by one system. Linking the three power grids will allow the buying and selling of electricity between the nation’s three interconnections, which is not possible today. Wind, solar, hydro and geothermal renewable energy sources that do not currently have access to transmission linesor customers will be able to tap into multiple markets through the Tres Amigas SuperStation, which will be built in Clovis, N.M.
As part of the minority investment deal, Terry Winter, executive vice president of power grid projects for AMSC, will be AMSC’s representative on the board of directors of Tres Amigas LLC. Winter was formerly the CEO of the California Independent System Operator (CAISO), the transmission balancing authority for California.
American Superconductor’s Superconductor Electricity Pipelines are made up of transmission-level DC superconductor power cables built with AMSC high-temperature superconductor (HTS) wire and high-powered voltage-source AC/DC power converters. Last month AMSC won a contract worth more than $100 million with Beijing-based Sinovel Wind Corp. Ltd. The company will provide electrical components for use in the Chinese wind turbine producer’s 3 megawatt wind turbine, known as SL3000.
For its fiscal 2009, which ended March 31, AMSC lost $16.6 million on revenue of $182.75 million.
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