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American Superconductor Awarded Contract Amendment by Department of Energy for Long Island Power Authority Cable Project
Contract amendment increases Company's backlog by $8.3 million
Westborough, MA, Nov. 16: American Superconductor Corporation (NASDAQ:AMSC) , a leading electricity solutions company, today announced that it has finalized a contract amendment with the U.S. Department of Energy (DOE). Under the terms of the amendment, the DOE will increase its share of the overall approved budget for the Long Island Power Authority (LIPA) cable project by $8.3 million. The amendment adds $8.3 million to AMSC's backlog in the current quarter. According to the Company, approximately $3 million of this added backlog is expected to be recognized as revenue in the Company's fiscal year ending March 31, 2006.
The LIPA superconductor cable project is being carried out under the DOE's Superconductivity Partnership with Industry program. AMSC is the prime contractor and the source of the first generation (1G) HTS wire for the cable which is expected to be the world's first transmission voltage cable to be installed in a power grid. This quarter, AMSC expects to ship the final 89,600 meters (55.5 miles) of HTS wire required for the cable to Nexans, the cable manufacturer for the project. Cable fabrication by Nexans is expected to be completed in the spring of 2006. The cooling system for the cable, which is being supplied by Air Liquide, is expected to also be installed by June 2006. The cable is on schedule to be installed in the grid of LIPA during 2006 and to be energized and operating in September 2006. LIPA will be responsible for operating the HTS cable system in its grid. Technical oversight for the project is provided by the Department of Energy.
LIPA Cable System Facts
Cable System Location: Town of Brookhaven, New York
Cable System Length: 600 meters (three phases, no splices)
Rated Voltage and Current: 138 kilovolts; 2,400 Amperes AC
Termination Rating: 161 kilovolts
Dielectric: PPLP (cold dielectric)
Cooling Medium: Liquid Nitrogen (77K, minus 321 Fahrenheit)
Total HTS Wire: 159,840 meters (99.1 miles)
Total Project Costs: $46.9 million
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