Midcontinent Independent System Operator Inc.

Carmel, IN, United States

Midcontinent Independent System Operator Inc.

Carmel, IN, United States
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News Article | April 24, 2017
Site: www.theenergycollective.com

On April 1, 2005, the Midcontinent Independent System Operator (MISO) launched a wholesale energy market and began centrally dispatching power generation throughout the central United States. One result from this market reform was the reduction of wind energy curtailments. In fact, our recent analysis indicates wind capacity factors on the MISO system increased about 5-7% after … The post Why Large Competitive Electricity Markets Benefit Wind Energy appeared first on The Energy Collective. Click headline for full article


EL SEGUNDO, Calif., May 17, 2017 (GLOBE NEWSWIRE) -- Griffin Capital Company, LLC (“Griffin Capital”) announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the acquisition of a three-story, Class A office building (the "Property"), totaling approximately 133,400 square feet, and fully occupied by Midcontinent Independent System Operator, Inc. (“MISO”), a provider of open access electricity transmission services throughout the Midwest and South of the United States, as well as Manitoba, Canada.  The Property is currently under a  long-term absolute-net lease for the next eleven years, expiring in April 2028. The REIT purchased the Property for $28.6 million from Inland Private Capital Corporation (the “Seller”).  A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31461314-1b9d-462f-b14d-87306faf8395 Commenting on the acquisition, Shawn Carstens, Griffin Capital’s Vice President of Acquisitions, said, "We're delighted to add a large, Class A office facility under a long-term lease and on a fully occupied basis with a solid corporate tenant to our REIT’s portfolio.  The Property not only houses the headquarters of MISO, but is also located in one of the top-performing office submarkets in Indianapolis, a market that continues to demonstrate growth and economic strength.  There's no question that the Property represents a number of advantageous real estate fundamentals that are consistent with our strategy of acquiring and carefully managing institutional-quality assets that can generate both attractive ongoing cash flow and longer term capital appreciation events for our investors." Constructed in 2008 as a build-to-suit for MISO, the Property houses MISO’s executive team and key operations, finance, engineering, and IT personnel. The Class A property features a fully-built-out lower level containing an expansive 80-seat cafeteria, a fitness center and group fitness room, men’s and women’s locker rooms, an employee training room, and a nine-room state-of-the-art conference facility which hosts in excess of 2,000 stakeholder meetings per year for MISO’s 176-member constituency. The Property is one of three buildings comprising MISO’s Carmel campus and is connected via skyway to MISO’s mission-critical primary control center where teams of engineers monitor MISO’s system assets 24 hours a day, 7 days a week. Founded in 1998, MISO was the nation’s first regional transmission organization (RTO) approved by the Federal Energy Regulatory Commission (FERC) in 2001. As a RTO, MISO provides electricity transmission service on behalf of its members that own transmission assets. MISO is the largest of the ten RTO’s in North America by geographic footprint, covering 965,000 square miles across 15 states throughout the Midwest and South of the United States and the Canadian province of Manitoba. The electric generation and transmission system under MISO’s purview includes 1,300 generating plants and 68,000 miles of transmission lines encompassing $31.4 billion of asset value, providing 172 billion watts of power, and serving over 42 million customers. MISO maintains investment-grade credit ratings of ‘AA-’ from Standard & Poor’s and ‘A1’ from Moody’s. The Seller of the Property was represented by Jerrod Wigal of the Chicago office of Cushman and Wakefield. About Griffin Capital Essential Asset REIT II Griffin Capital Essential Asset REIT II, Inc. is a publicly registered non-traded REIT focused on acquiring a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of May 17, 2017, Griffin Capital Essential Asset REIT II, Inc. has acquired 35 office and industrial buildings totaling approximately 7.3 million rentable square feet and asset value of approximately $1.1 billion. Griffin Capital Essential Asset REIT II, Inc. is one of several REITs sponsored or co-sponsored by Griffin Capital Company, LLC. About Griffin Capital Company, LLC Led by senior executives with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 58.8 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42* million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.6* billion in asset value, based on purchase price, as of March 31, 2017. Additional information about Griffin Capital is available at www.griffincapital.com. *Includes the property information related to interests held in certain joint ventures. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the REIT’s annual report on Form 10-K, and quarterly reports on Form 10-Q. This is neither an offer nor a solicitation to purchase securities.


News Article | May 18, 2017
Site: www.greentechmedia.com

An alliance of clean energy groups has opted not to wait for the Department of Energy to finish its 60-day study on baseload energy resources before weighing in on the research, which could influence energy markets all across the country. “We thought, 'Let’s not wait. Let’s file a -- we made up a word -- a pre-buttal,'” said Abby Ross Hopper, the CEO of Solar Energy Industries Association (SEIA), speaking yesterday at GTM’s Solar Summit. “I am concerned about [the study],” she said. “I am concerned it will be a predicate for other things that could be harmful to our industry.” Energy Secretary Rick Perry requested the study in a memo on April 14, with his staff due to report back 60 days from April 19. The research is intended to “explore critical issues central to protecting the long-term reliability of the electric grid,” and to analyze "market-distorting effects of federal subsidies that boost one form of energy at the expense of others.” Perry wrote that the study will inform Trump administration policies. Language in the memo praises baseload power -- specifically coal, natural gas, nuclear and hydropower -- and criticizes the “erosion” of these resources, which raised concerns that the study would be against renewables like solar and wind. The focus on baseload energy, coupled with the short timeline, as well as Perry’s recent remarks that the federal government may need to “intervene” at the state level to support baseload energy in the name of national security, have only intensified the concern that the DOE report could have a predetermined outcome. Senator Chuck Grassley, a Republican from Iowa, laid out that precise concern in a letter to Secretary Perry this week, and requested more information on how the study is being conducted. “I am concerned that a hastily developed study, which appears to predetermine that variable, renewable sources such as wind have undermined grid reliability, will not be viewed as credible, relevant or worthy of valuable taxpayer resources,” Grassley wrote. “In fact, at least one similar study has already been conducted by the DOE’s National Renewable Energy Laboratory. It’s my understanding that study took two years to complete.” Electricity sector stakeholders fear the department will advocate for policies that undermine renewable energy resources before consulting with industry experts and thoroughly reviewing existing research -- which shows that reliable grid management is achievable with a high degree of variable resources, and that wind and solar are not the primary drivers of the changing resource mix. On April 28, SEIA along with Advanced Energy Economy (AEE), American Council on Renewable Energy (ACORE) and the American Wind Energy Association (AWEA) collectively sent a letter to Secretary Perry requesting the DOE allow for public comment on the report. The letter noted that it is “customary” for agencies developing reports that provide policy recommendations to allow stakeholders to submit comments on a draft, prior to the report being finalized. The DOE has not sent a reply. “We are disappointed that we didn’t get a response. But more importantly, we’re disappointed the report doesn’t appear to include a public open comment process,” said Arvin Ganesan, vice president of federal affairs at Advanced Energy Economy, in an interview this week. “The reason this is really important is because this report has the potential to change markets and is nationally significant.” And so this week, the alliance of clean energy organizations each submitted materials to the DOE on their own accord, hoping to inform the energy markets study. “The question that’s being asked is a fair one,” said Hopper, but the answers already exist. “There are a large number of studies that have looked at this very question, many of them done by the DOE, and many of them done by the national labs,” she said. Update: DOE spokeswoman Shaylyn Hynes responded to Axios regarding the study on May 5. "The findings will be released to the public (including stakeholders) once the study is completed this summer," she said. "The Secretary looks forward to receiving input from all parties once that occurs." Here are three major takeaways from the SEIA, AEE, AWEA and ACORE reports. It is true that wind and solar benefit from certain beneficial policies -- specifically, the Production Tax Credit for wind and the Investment Tax Credit for solar at the federal level, as well as renewable energy mandates at the state level. These measures have helped the renewables sector grow, but clean energy groups insisted that regulatory burdens, mandates, tax and subsidy policies are not responsible for forcing the premature retirement of baseload conventional power plants. First of all, the incentives for renewables are relatively small. Wind and solar energy account for less than 5 percent of total federal cumulative energy incentives, while nuclear and fossil fuels account for more than 85 percent of cumulative energy incentives, according to ACORE, which cited research by the U.S. Treasury, the Joint Committee on Taxation, the DOE, DBL Investors and others. The ACORE brief also noted that only four major energy tax preferences are permanent: three are for fossil fuels and one is for nuclear energy, according to a 2012 Congressional Budget Office report. Renewables do not have this benefit. Federal tax credits for wind and solar are already scheduled to sunset over the next four years. It’s worth noting that baseload energy groups (like the nuclear industry) have still argued that they’re at a policy disadvantage. And there is a legitimate debate taking place in the electricity sector on how state-level policies interact with regional wholesale markets. The point clean energy groups are making is that renewable energy isn’t the only type of energy resource to benefit from favorable policies. Market dynamics may be changing, but it’s not because of renewable energy subsidies on their own. “You have to look at the entire market and how various provisions and policies are used to prop up various resources,” said AEE's Ganesan. “I don’t think you can say a tax policy or renewable portfolio standards are driving any sort of power plant retirements when every technology has its own set of policies incentivizing it.” Furthermore, renewables are becoming cost-competitive without subsidies. According to Lazard’s annual analysis, the unsubsidized levelized cost of energy for utility-scale wind and solar power declined by 64 percent and 81 percent, respectively, from 2008 to 2015. SEIA pointed out that the unsubsidized levelized cost of utility-scale solar now ranges from $46 to $92 per megawatt-hour, which is on par with wholesale electricity from new wind and natural gas plants. Residential solar, which competes against retail electricity prices, is now also competitive in most markets. While solar and wind have started to become more competitive with traditional energy resources in recent years, the abundance domestic shale gas has been the primary driver of the changing energy mix. Natural-gas prices have fallen from an average price of $8.86 per million BTU in 2005 (with a spike above $12 per million BTU in 2008) to an average of $3.20 per million BTU for the last five years. AEE referenced a March 2016 report from Moody’s that found natural gas prices have been “by far…the most dominant effect on the unregulated power sector,” especially as “gas-fired power plants often serve as the marginal plant during times of peak power demand.” The R Street Institute, a free market think tank, conducted a similar analysis focused on the nuclear industry that found low and stable natural gas prices “are setting new standards for what electricity should cost.” Low natural-gas prices are encouraging grid operators to dispatch this capacity at increasing rates, to where it now has the largest market share of all the generating technologies. Also, natural gas often sets the clearing price of electricity in wholesale power markets. For example, in the Midcontinent Independent System Operator (MISO), natural gas set the price of electricity in the market 75 percent of the time, while coal set the price 23 percent of the time and wind only 1 percent of the time. A recent Columbia University report put some numbers around it, finding “increased competition from cheap natural gas is responsible for 49 percent of the decline in domestic U.S. coal consumption. Lower-than-expected electricity demand is responsible for 26 percent, and the growth in renewable energy is responsible for [only] 18 percent.” The Energy Information Administration’s numbers show that coal use in the U.S. declined sharply as natural gas use spiked. Renewable energy stakeholders also pointed out that the U.S. electric grid are not only capable of handling current levels of wind and solar penetration, but that the grid actually becomes more resilient because of these resources. The California Independent System Operator, for instance, found that renewables combined with modern controls have the ability to provide a range of grid reliability services that are “comparable to, or better than, conventional resources.” In the materials AWEA submitted to the DOE this week, the group highlighted that high penetrations of wind generation have maintained or improved electric reliability on the grids where they’re located. Texas’ ERCOT territory, for instance, which has the most wind capacity of any U.S. power system, has seen its electricity reliability increase while adding large amounts of wind. The market’s CPS1 score (a widely used reliability metric that measures how electricity supply and demand are kept in balance) has improved as wind deployments have increased. On a related note, researchers at the University of Texas at Austin have shown that the growth of wind energy in ERCOT territory has not caused a significant increase in the need for the frequency regulation reserves that are used to keep electricity supply and demand in balance. The DOE has also studied the reliability issue, as Senator Grassley indicated. In 2012, government researchers found that 25 percent to 50 percent renewable energy penetration did not trigger any concerns on any reliability metric, and that renewables could go as high as 80 percent penetration with existing technology. It may well be time to update this study, as Secretary Perry has requested. Renewable energy stakeholders just want to ensure the DOE is taking all relevant data into account.


EL SEGUNDO, Calif., May 17, 2017 (GLOBE NEWSWIRE) -- Griffin Capital Company, LLC (“Griffin Capital”) announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the acquisition of a three-story, Class A office building (the "Property"), totaling approximately 133,400 square feet, and fully occupied by Midcontinent Independent System Operator, Inc. (“MISO”), a provider of open access electricity transmission services throughout the Midwest and South of the United States, as well as Manitoba, Canada.  The Property is currently under a  long-term absolute-net lease for the next eleven years, expiring in April 2028. The REIT purchased the Property for $28.6 million from Inland Private Capital Corporation (the “Seller”).  A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31461314-1b9d-462f-b14d-87306faf8395 Commenting on the acquisition, Shawn Carstens, Griffin Capital’s Vice President of Acquisitions, said, "We're delighted to add a large, Class A office facility under a long-term lease and on a fully occupied basis with a solid corporate tenant to our REIT’s portfolio.  The Property not only houses the headquarters of MISO, but is also located in one of the top-performing office submarkets in Indianapolis, a market that continues to demonstrate growth and economic strength.  There's no question that the Property represents a number of advantageous real estate fundamentals that are consistent with our strategy of acquiring and carefully managing institutional-quality assets that can generate both attractive ongoing cash flow and longer term capital appreciation events for our investors." Constructed in 2008 as a build-to-suit for MISO, the Property houses MISO’s executive team and key operations, finance, engineering, and IT personnel. The Class A property features a fully-built-out lower level containing an expansive 80-seat cafeteria, a fitness center and group fitness room, men’s and women’s locker rooms, an employee training room, and a nine-room state-of-the-art conference facility which hosts in excess of 2,000 stakeholder meetings per year for MISO’s 176-member constituency. The Property is one of three buildings comprising MISO’s Carmel campus and is connected via skyway to MISO’s mission-critical primary control center where teams of engineers monitor MISO’s system assets 24 hours a day, 7 days a week. Founded in 1998, MISO was the nation’s first regional transmission organization (RTO) approved by the Federal Energy Regulatory Commission (FERC) in 2001. As a RTO, MISO provides electricity transmission service on behalf of its members that own transmission assets. MISO is the largest of the ten RTO’s in North America by geographic footprint, covering 965,000 square miles across 15 states throughout the Midwest and South of the United States and the Canadian province of Manitoba. The electric generation and transmission system under MISO’s purview includes 1,300 generating plants and 68,000 miles of transmission lines encompassing $31.4 billion of asset value, providing 172 billion watts of power, and serving over 42 million customers. MISO maintains investment-grade credit ratings of ‘AA-’ from Standard & Poor’s and ‘A1’ from Moody’s. The Seller of the Property was represented by Jerrod Wigal of the Chicago office of Cushman and Wakefield. About Griffin Capital Essential Asset REIT II Griffin Capital Essential Asset REIT II, Inc. is a publicly registered non-traded REIT focused on acquiring a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of May 17, 2017, Griffin Capital Essential Asset REIT II, Inc. has acquired 35 office and industrial buildings totaling approximately 7.3 million rentable square feet and asset value of approximately $1.1 billion. Griffin Capital Essential Asset REIT II, Inc. is one of several REITs sponsored or co-sponsored by Griffin Capital Company, LLC. About Griffin Capital Company, LLC Led by senior executives with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 58.8 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42* million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.6* billion in asset value, based on purchase price, as of March 31, 2017. Additional information about Griffin Capital is available at www.griffincapital.com. *Includes the property information related to interests held in certain joint ventures. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the REIT’s annual report on Form 10-K, and quarterly reports on Form 10-Q. This is neither an offer nor a solicitation to purchase securities.


EL SEGUNDO, Calif., May 17, 2017 (GLOBE NEWSWIRE) -- Griffin Capital Company, LLC (“Griffin Capital”) announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the acquisition of a three-story, Class A office building (the "Property"), totaling approximately 133,400 square feet, and fully occupied by Midcontinent Independent System Operator, Inc. (“MISO”), a provider of open access electricity transmission services throughout the Midwest and South of the United States, as well as Manitoba, Canada.  The Property is currently under a  long-term absolute-net lease for the next eleven years, expiring in April 2028. The REIT purchased the Property for $28.6 million from Inland Private Capital Corporation (the “Seller”).  A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31461314-1b9d-462f-b14d-87306faf8395 Commenting on the acquisition, Shawn Carstens, Griffin Capital’s Vice President of Acquisitions, said, "We're delighted to add a large, Class A office facility under a long-term lease and on a fully occupied basis with a solid corporate tenant to our REIT’s portfolio.  The Property not only houses the headquarters of MISO, but is also located in one of the top-performing office submarkets in Indianapolis, a market that continues to demonstrate growth and economic strength.  There's no question that the Property represents a number of advantageous real estate fundamentals that are consistent with our strategy of acquiring and carefully managing institutional-quality assets that can generate both attractive ongoing cash flow and longer term capital appreciation events for our investors." Constructed in 2008 as a build-to-suit for MISO, the Property houses MISO’s executive team and key operations, finance, engineering, and IT personnel. The Class A property features a fully-built-out lower level containing an expansive 80-seat cafeteria, a fitness center and group fitness room, men’s and women’s locker rooms, an employee training room, and a nine-room state-of-the-art conference facility which hosts in excess of 2,000 stakeholder meetings per year for MISO’s 176-member constituency. The Property is one of three buildings comprising MISO’s Carmel campus and is connected via skyway to MISO’s mission-critical primary control center where teams of engineers monitor MISO’s system assets 24 hours a day, 7 days a week. Founded in 1998, MISO was the nation’s first regional transmission organization (RTO) approved by the Federal Energy Regulatory Commission (FERC) in 2001. As a RTO, MISO provides electricity transmission service on behalf of its members that own transmission assets. MISO is the largest of the ten RTO’s in North America by geographic footprint, covering 965,000 square miles across 15 states throughout the Midwest and South of the United States and the Canadian province of Manitoba. The electric generation and transmission system under MISO’s purview includes 1,300 generating plants and 68,000 miles of transmission lines encompassing $31.4 billion of asset value, providing 172 billion watts of power, and serving over 42 million customers. MISO maintains investment-grade credit ratings of ‘AA-’ from Standard & Poor’s and ‘A1’ from Moody’s. The Seller of the Property was represented by Jerrod Wigal of the Chicago office of Cushman and Wakefield. About Griffin Capital Essential Asset REIT II Griffin Capital Essential Asset REIT II, Inc. is a publicly registered non-traded REIT focused on acquiring a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of May 17, 2017, Griffin Capital Essential Asset REIT II, Inc. has acquired 35 office and industrial buildings totaling approximately 7.3 million rentable square feet and asset value of approximately $1.1 billion. Griffin Capital Essential Asset REIT II, Inc. is one of several REITs sponsored or co-sponsored by Griffin Capital Company, LLC. About Griffin Capital Company, LLC Led by senior executives with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 58.8 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42* million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.6* billion in asset value, based on purchase price, as of March 31, 2017. Additional information about Griffin Capital is available at www.griffincapital.com. *Includes the property information related to interests held in certain joint ventures. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the REIT’s annual report on Form 10-K, and quarterly reports on Form 10-Q. This is neither an offer nor a solicitation to purchase securities.


EL SEGUNDO, Calif., May 17, 2017 (GLOBE NEWSWIRE) -- Griffin Capital Company, LLC (“Griffin Capital”) announced today, on behalf of Griffin Capital Essential Asset REIT II, Inc. (the “REIT”), the acquisition of a three-story, Class A office building (the "Property"), totaling approximately 133,400 square feet, and fully occupied by Midcontinent Independent System Operator, Inc. (“MISO”), a provider of open access electricity transmission services throughout the Midwest and South of the United States, as well as Manitoba, Canada.  The Property is currently under a  long-term absolute-net lease for the next eleven years, expiring in April 2028. The REIT purchased the Property for $28.6 million from Inland Private Capital Corporation (the “Seller”).  A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31461314-1b9d-462f-b14d-87306faf8395 Commenting on the acquisition, Shawn Carstens, Griffin Capital’s Vice President of Acquisitions, said, "We're delighted to add a large, Class A office facility under a long-term lease and on a fully occupied basis with a solid corporate tenant to our REIT’s portfolio.  The Property not only houses the headquarters of MISO, but is also located in one of the top-performing office submarkets in Indianapolis, a market that continues to demonstrate growth and economic strength.  There's no question that the Property represents a number of advantageous real estate fundamentals that are consistent with our strategy of acquiring and carefully managing institutional-quality assets that can generate both attractive ongoing cash flow and longer term capital appreciation events for our investors." Constructed in 2008 as a build-to-suit for MISO, the Property houses MISO’s executive team and key operations, finance, engineering, and IT personnel. The Class A property features a fully-built-out lower level containing an expansive 80-seat cafeteria, a fitness center and group fitness room, men’s and women’s locker rooms, an employee training room, and a nine-room state-of-the-art conference facility which hosts in excess of 2,000 stakeholder meetings per year for MISO’s 176-member constituency. The Property is one of three buildings comprising MISO’s Carmel campus and is connected via skyway to MISO’s mission-critical primary control center where teams of engineers monitor MISO’s system assets 24 hours a day, 7 days a week. Founded in 1998, MISO was the nation’s first regional transmission organization (RTO) approved by the Federal Energy Regulatory Commission (FERC) in 2001. As a RTO, MISO provides electricity transmission service on behalf of its members that own transmission assets. MISO is the largest of the ten RTO’s in North America by geographic footprint, covering 965,000 square miles across 15 states throughout the Midwest and South of the United States and the Canadian province of Manitoba. The electric generation and transmission system under MISO’s purview includes 1,300 generating plants and 68,000 miles of transmission lines encompassing $31.4 billion of asset value, providing 172 billion watts of power, and serving over 42 million customers. MISO maintains investment-grade credit ratings of ‘AA-’ from Standard & Poor’s and ‘A1’ from Moody’s. The Seller of the Property was represented by Jerrod Wigal of the Chicago office of Cushman and Wakefield. About Griffin Capital Essential Asset REIT II Griffin Capital Essential Asset REIT II, Inc. is a publicly registered non-traded REIT focused on acquiring a portfolio consisting primarily of single tenant business essential properties throughout the United States, diversified by corporate credit, physical geography, product type, and lease duration. As of May 17, 2017, Griffin Capital Essential Asset REIT II, Inc. has acquired 35 office and industrial buildings totaling approximately 7.3 million rentable square feet and asset value of approximately $1.1 billion. Griffin Capital Essential Asset REIT II, Inc. is one of several REITs sponsored or co-sponsored by Griffin Capital Company, LLC. About Griffin Capital Company, LLC Led by senior executives with more than two decades of real estate experience collectively encompassing over $22 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 58.8 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42* million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.6* billion in asset value, based on purchase price, as of March 31, 2017. Additional information about Griffin Capital is available at www.griffincapital.com. *Includes the property information related to interests held in certain joint ventures. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the REIT’s annual report on Form 10-K, and quarterly reports on Form 10-Q. This is neither an offer nor a solicitation to purchase securities.


As part of our efforts in Minnesota to promote the benefits of EVs, GPI conducted an analysis in 2016 of the emissions impacts of EVs and found that they provide large GHG reductions in the state as well as in the broader Midwestern region. Based on data from 2015, EVs had 42% to 61% fewer GHGs compared to gasoline vehicles. We updated our previous analysis with more recent data for Minnesota-based electric utility Xcel Energy’s Northern States Power service territory and the northern region of the Midcontinent Independent System Operator (MISO) footprint. Our analysis with data from 2016-2017 now shows that EVs provide GHG reductions of at least 65% in Xcel’s Northern States Power service territory in 2017 and at least 53% in the greater MISO North Region. Already an improvement from GPI’s 2016 analysis, these emission reductions are set to increase through the year 2030, when an EV charging in Xcel’s territory will result in a per-mile GHG reduction of 75%. Like last year’s analysis, GPI again utilized Argonne National Laboratory’s GREET Lifecycle Model to calculate emissions from gasoline and EVs. The results included emissions for the full lifecycle of a vehicle, including vehicle and battery manufacturing, fuel production and refining, and vehicle operation or fuel combustion. The improvement in GHG reductions was largely caused by two factors: updated generation fuel mix projections from Xcel that include significant new wind capacity and the use of more specific generation fuel mix data published by MISO for the MISO North Region. Since our 2016 analysis was published, Xcel announced plans for 1,550 MW of new wind capacity and has agreed to close the Sherco 1 & 2 coal generators by 2026. In a subsequent response to a Minnesota Public Utilities Commission information request, Xcel listed detailed projections for the generation fuel mix on its NSP System for 2016 to 2032. These projections show a decrease in coal’s generation share from 34% in 2016 to 15% by 2030, along with increases in wind and natural gas. As a result, electricity in Xcel’s service territory will see large reductions in GHG intensity over the next 15 years. With these figures, GPI was able to update its calculation of GHG intensity for EVs. An EV charging in Xcel’s service territory will produce 163.5 grams of GHGs per mile (g/mile) in 2017, and only 118.5 g/mile in 2030, compared to a gasoline GHG intensity of 464.6 g/mile. For those EVs outside of Xcel’s Service territory, the generation fuel mix of MISO’s North Region provides a good estimate for GHG intensity across the Upper Midwest. Our previous analysis used the fuel mix from the entire MISO region, which includes fossil fuel heavy states such as Arkansas, Louisana, and Mississippi in the South Region. Further study of the MISO region has indicated that a significant transmission barrier exists between the South Region and MISO’s North Region, where wind power is more prevalent. While MISO is currently scoping transmission improvements that would improve the flow of electricity between these regions in the future, the most accurate current estimate for electricity in the Upper Midwest should use MISO’s North Region. In 2016, MISO reported a fuel mix for its North Region of 28% wind power, 48% coal, 14% nuclear, 8% natural gas, and 2% hydro. This results in a GHG intensity of 218.3 g/mile for EVs in the MISO North Region, compared to last year’s estimate of 267.9 g/mile for the entire MISO territory. This update to GPI’s 2016 analysis based on 2015 data has found that the GHG benefit of EVs has already improved, with a reduced GHG intensity from 183.1 g/mile in 2015 to 163.5 g/mile in 2017 for Xcel’s service territory. Acknowledgment: Thank you to Andrew Twite at Fresh Energy for feedback on Xcel and MISO fuel mix. GPI facilitates Drive Electric Minnesota, a partnership of local and state government, utilities, private business and nonprofit entities working in collaboration to bring electric vehicles and plug-in charging infrastructure to the state. In addition, GPI recently partnered with several clean energy advocate organizations (Clean Fuels Ohio, Ecology Center, Environmental Law & Policy Center, Fresh Energy, the Sierra Club, and the Natural Resources Defense Council) to form a campaign called Charge Up Midwest dedicated to increasing EV deployment in the Midwest.


Li Y.,Midcontinent Independent System Operator Inc. | McCalley J.D.,Iowa State University
Electric Power Systems Research | Year: 2017

This paper presents an innovative modeling approach for multi-stage transmission network expansion planning (TNEP) optimization problem. It efficiently extends the traditional disjunctive model to allow multiple parallel circuit additions between two buses, by using a decimal-binary transformation mechanism. Case study results indicate that this method may significantly improve computational efficiency, particularly for multi-stage bulk transmission system planning optimization with high renewable penetration level, which usually considers building multiple parallel circuits for significant number of candidate route. © 2016 Elsevier B.V.


Chen Y.,Midcontinent Independent System Operator Inc. | Wang F.,Midcontinent Independent System Operator Inc.
Electric Power Systems Research | Year: 2017

As a part of the day-ahead market clearing process, Midcontinent Independent System Operator (MISO) solves one of the largest and most challenging Security Constrained Unit Commitment (SCUC) models. Better computational performance of SCUC models not only improves the market efficiency but also facilitates future market developments. This paper introduces recent developments in SCUC formulation with configuration based combined cycle modeling in MISO, which include the improvement on constraints associated with binary variables, the improvement of formulation on piecewise linear incremental energy curve (PWL) and reduction of non-zeros by aggregating variables (AGG). Furthermore, mathematical proof shows that the proposed enhanced locally ideal PWL model is the convex envelope of the PWL cost function. To illustrate the effectiveness of the proposed formulation, numerical results and analysis based on MISO system are presented. © 2017 Elsevier B.V.


Chen Y.,Midcontinent Independent System Operator Inc. | Gribik P.,Pacific Gas and Electric Company | Gardner J.,Midcontinent Independent System Operator Inc.
IEEE Transactions on Power Systems | Year: 2014

This paper presents a new approach implemented in MISO day-ahead and real-time energy and ancillary service market clearing processes to address the reserve deliverability issue. In this approach, MISO enhanced the co-optimization process to incorporate post zonal reserve deployment transmission constraints. Reserves are procured within the co-optimization to meet both market-wide reserve requirements and ensure their deliverability on a zonal basis. As a result, zonal market clearing prices (MCPs) for reserves can properly reflect the effects of zonal reserve deployment on transmission constraints under consideration. © 1969-2012 IEEE.

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