AMSC Announces Turnkey D-VAR(R) Order for Long Island Power Grid
-Long Island Power Authority Adopts Solution to Ensure Continued Grid Reliability During Periods of Peak Electricity Demand
-AMSC to Provide D-VAR Reactive Compensation Systems, Ancillary Hardware, Installation Services and Ongoing Maintenance
DEVENS, Mass.--(BUSINESS WIRE)--
Jan. 27, 2009--
American Superconductor Corporation (NASDAQ:
AMSC), a leading energy
technologies company, announced today that it has received an order for
a large-scale dynamic reactive compensation solution from
National Grid (LSE: NG) (NYSE: NGG), one of the world's largest investor-owned energy
companies, which manages the electricity network on Long Island under an
agreement with
Long Island Power Authority (LIPA).
AMSC will install its
proprietary D-VAR STATCOM solution on eastern Long Island to ensure the
continued reliability of the local power grid. Reactive power
compensation is necessary to stabilize voltage, relieve power grid
congestion, improve electrical efficiency, and prevent blackouts in
power grids.
"Long Island Power Authority is supplying more power to its residential
and commercial customers each year," said Long Island Power Authority
President and Chief Executive Officer Kevin S. Law. "In order to
continue providing reliable, high quality power, we needed a solution to
stabilize voltage during times of peak demand, particularly over the
summer months when Long Island's population is at its highest."
D-VAR dynamic reactive compensation systems are classified as Static
Compensators, or "STATCOMs," a member of the FACTS (Flexible
AC-Transmission System) family of power electronic solutions for
alternating current (AC) power grids. These Smart
Grid solutions are able to detect and instantaneously compensate for
voltage disturbances by dynamically injecting leading or lagging
reactive power into the power grid. AMSC has received orders for over 60
STATCOM power grid solutions worldwide, more than all other
manufacturers. The company's D-VAR STATCOM customers include more than
20 electric utilities and 40 wind farms.
The total dynamic range of reactive compensation provided by this
transmission grid solution will be -96 to +240 mega-volt-amperes
reactive (MVAR). AMSC will provide a full turnkey solution, including
installation and ongoing maintenance and support for LIPA. The contract
calls for commissioning of the reactive compensation solution by mid
2010. It will include a 36 MVAR base-rated D-VAR STATCOM - one of the
largest STATCOM's ever deployed in North America - seamlessly integrated
with capacitor banks.
This is the second D-VAR solution AMSC has sold for LIPA's power grid.
In addition, in April 2008, AMSC commissioned the world's first high
temperature superconductor (HTS) power transmission cable system in
LIPA's commercial power grid. The 138,000 volt (138 kV) power cable
system is successfully operating in LIPA's Holbrook transmission right
of way. It contains hair-thin HTS wires that conduct 150 times the
electricity of similar sized copper wires, enabling the cable system to
utilize far less wire and yet conduct up to five times more power - in a
smaller right of way - than traditional copper-based cables.
"LIPA has one of the most reliable power grids in the U.S.," said AMSC
founder and Chief Executive Officer Greg Yurek. "By deploying this D-VAR
STATCOM solution, LIPA will continue its tradition of utilizing the
latest technologies to meet and exceed its customers' demands for
reliable, digital-grade power."
AMSC's D-VAR systems are modular and scalable solutions that can be
customized to meet specific customer needs. These Smart Grid solutions
are being utilized in a wide range of applications, including voltage
regulation and grid reliability, optimization of power transfer capacity
on stability-limited transmission networks, and reactive power support
for wind farm interconnection to the grid. To learn more about AMSC's
D-VAR solutions for the power grid, please visit: http://www.amsc.com/products/transmissiongrid/reactive-power-AC-transmission.html
About LIPA
LIPA, a non-profit municipal electric provider, owns the retail electric
Transmission and Distribution System on Long Island and provides
electric service to more than 1.1 million customers in Nassau and
Suffolk counties and the Rockaway Peninsula in Queens. LIPA is the 2nd
largest municipal electric utility in the nation in terms of electric
revenues, 3rd largest in terms of customers served and the 7th largest
in terms of electricity delivered. In 2006, LIPA outperformed all other
overhead electric utilities in New York State in all three major
reliability categories. LIPA does not provide natural gas service or own
any on-island generating assets. More information about LIPA can be
found online at: http://www.lipower.org.
About American Superconductor (NASDAQ:
AMSC)
AMSC offers an array of proprietary technologies and solutions spanning
the electric power infrastructure - from generation to delivery to end
use. The company is a leader in alternative
energy, providing proven, megawatt-scale wind turbine designs and
electrical control systems. The company also offers a host of Smart
Grid technologies for power grid operators that enhance the
reliability, efficiency and capacity of the grid, and seamlessly
integrate renewable energy sources into the power infrastructure. These
include superconductor power cable systems, grid-level surge protectors
and power electronics-based voltage stabilization systems. AMSC's
technologies are protected by a broad and deep intellectual property
portfolio consisting of hundreds of patents and licenses worldwide. More
information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World
Uses Electricity, AMSC, Powered by AMSC, D-VAR, dSVC, PowerModule,
PQ-IVR, Secure Super Grids, Windtec and SuperGEAR are trademarks or
registered trademarks of American Superconductor Corporation or its
subsidiaries. All other brand names, product names or trademarks belong
to their respective holders. The Windtec logo and design is a
registered European Union Community Trademark.
Any statements in this release about future expectations, plans and
prospects for the company, including our expectations regarding the
future financial performance of the company and other statements
containing the words "believes," "anticipates," "plans," "expects,"
"will" and similar expressions, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. There are a number of important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements. Such factors include: uncertainties
regarding the company's ability to obtain anticipated funding from
corporate and government contracts, to successfully develop, manufacture
and market commercial products, and to secure anticipated orders; the
risk that a robust market may not develop for the company's products;
the risk that strategic alliances and other contracts may be terminated;
the risk that certain technologies utilized by the company will infringe
intellectual property rights of others; and the competition encountered
by the company. Reference is made to these and other factors discussed
in the "Risk Factors" section of the company's most recent quarterly or
annual report filed with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press release
represent the company's views as of the date of this release. While the
company anticipates that subsequent events and developments may cause
the company's views to change, the company specifically disclaims any
obligation to update these forward-looking statements. These
forward-looking statements should not be relied upon as representing the
company's views as of any date subsequent to the date this press release
is issued.
CONTACT: American Superconductor Corporation (NASDAQ: AMSC)
Jason Fredette, 978-842-3177
Director of Investor & Media Relations
jfredette@amsc.com
Source: American Superconductor Corporation
