Science & Technology
Science and Technology
Science and Technology
Mon, May 10, 2010 Composite Technology Announces ACCC(R) Conductor Order for Keys Energy
IRVINE, CA--(Marketwire - May 10, 2010) - Composite Technology Corporation (CTC) (
Keys Energy needed to increase the capacity of the line without modifying existing structures. It was also interested in the improved sag characteristics of ACCC® conductor. By selecting ACCC® Linnet to replace ACSR Linnet, Keys Energy saved $1.5 Million by not having to replace or modify fifteen existing structures. Line sag was also significantly reduced and the ampacity on the line was increased by 50%.
Benton Wilcoxon, Chief Executive Officer of Composite Technology Corporation, commented, "We are pleased that power producers in the U.S. and around the world are choosing ACCC® conductor to significantly reduce total ownership costs. With a simple conductor replacement, Keys Energy was able to increase capacity and improve efficiency on a congested line without having to replace a significant number of towers."
"We are very excited about the benefits of ACCC® conductor and will consider it for all future reconductoring and new transmission projects," stated Dale Finigan, Director of Engineering & Control at Keys Energy.
About Keys Energy:
Keys Energy Services (KEYS) is the public power utility for the Lower Florida Keys. Headquartered in Key West, Florida, KEYS provides electricity from Key West to the Seven-Mile Bridge and serves more than 28,000 customers.
The City of Key West purchased the electric utility in 1943, and the City Council created the Utility Board to oversee KEYS (then known as City Electric Systems before the utility's name was changed in 2002). In 1969, the Florida State Legislature passed a new enabling act for the governing of KEYS, which is still in effect today, and calls for the popular election of five Utility Board members serving four-year terms. Through the Utility Board, KEYS' customers have a say in their municipal electric utility.
Initially, KEYS only provided electric service to the City of Key West. In 1953, the utility expanded its service area to the Seven-Mile Bridge. In those early years, electricity was produced via local generation.
In the late 1970s, the Utility Board studied alternative power supplies and decided to construct a transmission line (or TIELINE) to interconnect to the mainland power grid. On May 8, 1987, KEYS interconnected the TIELINE with the mainland power grid and KEYS' operations changed dramatically.
KEYS currently imports nearly all of its power supply and uses local generation for emergency back-up only. The utility relies on power from the mainland because it is far less expensive than local generation. As a member of the Florida Municipal Power Agency's All Requirements Project, KEYS pools its power resources with other public power utilities in the State. Together, the public power utilities in the state of Florida enjoy greater efficiency and economies of scale.
Today, KEYS is a nationally recognized Reliable Public Power Provider (RP3) by the American Public Power Association and a local leader with GREEN initiatives that help conserve energy and improve the environment. KEYS maintains a highly respected position within its local community, and in the Public Power industry, for its dedication to reliable electric service and forward thinking initiatives -- KEYS customers have come to expect nothing less than the best from the utility that has been powering paradise since 1943.
About CTC:
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative, high performance, energy efficient electrical transmission conductors through its subsidiary, CTC Cable Corporation. CTC Cable produces composite core rod for use in its patented high efficiency ACCC® conductors, which are used in electrical transmission and distribution grids. ACCC® conductors perform with less line losses when compared to similar diameter conventional conductors and therefore enable power generators to reduce the amount of generation while still delivering the same power to customers. ACCC® conductors also enable grid operators to reduce blackouts and brownouts by providing reserve electrical capacity, since they can be operated at higher temperatures without significant thermal line sag. The performance and longevity of CTC's ACCC® conductor technology has been independently verified by certifying agencies, test centers and power grids around the world and has consistently demonstrated significant savings in upgrade capital costs and operating expenses when substituted for traditional conductors in reconductoring upgrades as well as new line construction. ACCC® core, the key component of ACCC® conductor, is produced by CTC Cable and is delivered to licensed qualified conductor manufacturers worldwide for ACCC® conductor production and sale into local markets. Over 9,300 kilometers of ACCC® conductor have been ordered and over 8,400 kilometers installed on five continents. ACCC® is a registered trademark of CTC Cable Corporation.
For further information, visit our website: [ www.compositetechcorp.com ] or contact Investor Relations, James Carswell, +1-949-428-8500.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, resolution of pending and threatened litigation matters involving CTC or its subsidiaries, resolution of disputes with CTC's or subsidiaries' creditors competition with larger companies, development of and demand for a new technology, general economic conditions, the availability of funds for capital expenditure and financing in general by us and our customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company, including those that are found in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2009 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
