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American Electric Power (AEP) and MidAmerican Energy Holdings Co. have completed a transaction establishing Electric Transmission Texas LLC (ETT) as a joint venture to build transmission projects within the Electric Reliability Council of Texas (ERCOT).

The joint venture also was approved to operate as a transmission-only utility in ERCOT by the Public Utility Commission of Texas (PUCT). The PUCT order established rates for transmission service for ETT with a 9.96% return on equity, and J. Calvin Crowder will head the entity as president.

In addition, AEP transferred approximately $70 million of assets from AEP Texas Central Co. to ETT, including a 100 MW variable frequency transformer in Laredo that allows power transfer between Mexico and ERCOT.

AEP has identified approximately $1 billion of additional transmission projects within its ERCOT footprint eligible for potential assignment to ETT. The joint venture will evaluate on a case-by-case basis potential future investment in these projects and anticipates identifying the first projects to pursue by the second quarter of 2008. Those projects not pursued by ETT may be built by AEP, independent of the joint venture.

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