Stock Markets May 19, 2026 06:06 AM

Ameren-NextEra Led Group Wins $1.66 Billion Midwest Transmission Contract from MISO

Consortium to build two interstate lines and a substation, targeting 2034 in-service after regulatory and community review

By Hana Yamamoto AEE NEE

The Midcontinent Independent System Operator has awarded a consortium led by Ameren Transmission Company of Illinois and NextEra’s GridLiance Heartland the contracts to build and operate two high-voltage transmission projects in the U.S. Midwest. The pair of projects together carry an estimated price tag of $1.66 billion, will span a combined 237 miles of new transmission lines and include a new substation, with ownership shared among the four partners and an expected in-service date of 2034 following regulatory approvals and stakeholder engagement.

Ameren-NextEra Led Group Wins $1.66 Billion Midwest Transmission Contract from MISO
AEE NEE

Key Points

  • MISO named a consortium led by Ameren Transmission Company of Illinois and NextEra’s GridLiance Heartland to build and operate two Midwest interstate transmission projects.
  • The two projects together total 237 miles of new transmission lines with combined estimated costs of $1.66 billion - $940 million for the Iowa/Illinois project and $718 million for the Illinois/Indiana project.
  • Ownership of both projects will be split 43% Ameren, 43% GridLiance, 11% Dairyland Power Cooperative and 3% Illinois Municipal Electric Agency; both projects target 2034 in-service after regulatory review.

The Midcontinent Independent System Operator (MISO) announced that a consortium headed by Ameren Transmission Company of Illinois and NextEra Energy's GridLiance Heartland was selected to construct and operate two interstate transmission projects in the Midwest.

The consortium also comprises Dairyland Power Cooperative and the Illinois Municipal Electric Agency (IMEA). Collectively, the partners will deliver two state-line transmission projects intended to carry power to communities across the region.

Project details

  • Sub T - Iowa/Illinois State Line - This project will add two new transmission lines totaling 149 miles, with an estimated capital cost of $940 million. One of the lines will extend westward from the Woodford County Substation to the Iowa/Illinois state line. The second line will continue west from the state line to the Sub T Substation located in Iowa.
  • Woodford County - Illinois/Indiana State Line - This project includes two new transmission lines spanning 88 miles and the construction of a new substation, with an estimated cost of $718 million.

Ownership and financing

Ownership stakes in both projects will be allocated as follows: Ameren 43%, GridLiance 43%, Dairyland Power Cooperative 11%, and IMEA 3%.

Timeline and approvals

Both projects are currently expected to enter service in 2034. That timing assumes completion of regulatory reviews and the planned rounds of stakeholder and community engagement.

Context and next steps

The awards signal a multi-partner approach to regional transmission build-out, with clearly defined ownership shares across the participants. The projects will proceed through regulatory processes and public engagement before construction and commissioning can be finalized.


Note: The schedule and cost estimates described above are those provided at the time of the selection and remain subject to regulatory review and stakeholder input.

Risks

  • Regulatory review - Both projects require completion of regulatory approvals, which could affect timing and the planned 2034 in-service date. This primarily impacts the utilities and regional energy markets.
  • Stakeholder and community engagement - Public input and stakeholder processes are still pending and could influence project routing, permitting timelines, and costs, affecting construction and local infrastructure sectors.
  • Schedule and cost uncertainty - The projects carry estimated costs and a long lead time to 2034; changes during review or permitting could alter capital requirements and deployment schedules, affecting utilities and contractors involved in transmission build-out.

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