City Council Regular Meeting
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New Business   Item #: D.
Budget Appropriation for Proceeds from Pinnacles Hydro Sale
The sale of the Pinnacles Hydro facility closed on February 10, 2021 at a price of $8,200,000. Staff would like to recommend to City Council using the funds to upgrade the Westover and Southside substations. The funds could also be used for the addition of a fourth AEP delivery point at the City's West Fork substation and the addition of the Ballou substation at the former Dan River Schoolfield Complex. These projects will increase reliability and serve a new industry coming to the City.
The Electric Division has accelerated the substation upgrade schedule to include Westover and Southside substations in Fiscal Year 2022; these projects will increase reliability in those affected areas. Staff has already completed substation upgrades in the Riverside and Schoolfield areas, and is currently working on upgrades in the Whitmell and Kentuck communities slated to be completed in June 2021.
It is recommended that City Council adopt the attached Ordinance Amending the Fiscal Year 2021 Budget Appropriation Ordinance by revenues in the amount of $8,200,000 from the sale of Pinnacles Hydro to Northbrook Energy.
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