Valley Electric Association, a Pahrump-based utility, announced today it has sold its 230-kilovolt transmission system to GridLiance, a Dallas-based operator of transmission systems, for simply more than $200 million.
The system consists of more than 160 miles of transmission lines and associated substations in Nye and Clark counties. Transmission lines are normally the bigger lines strung on towers and are considered the superhighways of the electrical grid.
Valley Electric serves a number of small communities along the Nevada-California border, including Sandy Valley, Pahrump, Amargosa Valley, Beatty and Fish Lake Valley, a portion which is in California.
The primary part of the transmission system consisted of in the sale ranges from just outdoors Stone City and west toward the California-Nevada border, then north through Sandy Valley, Pahrump and Amargosa Valley before turning east then south along U.S. 95, nearly to Las Vegas.
Valley Electric states it will use a few of the cash from the sale to pay off $82 countless financial obligation connected with the transmission system.
Also, since the utility is an electric cooperative– its customers are also owners and members of the company– Valley Electric will provide a few of the cash from the sale to some of present and previous consumers.
The utility will be distributing $18 million among the owner-members who paid into the building and construction and upkeep of the transmission system.
In addition, Valley has said it will offer $5 million to its charitable structure to build a leisure center on land adjacent to its head office in Pahrump. It will also utilize a few of the sale proceeds to fund a broadband fiber-optic network it is constructing.