Common use of Economically Driven Projects Clause in Contracts

Economically Driven Projects. Where a Project Sponsor commits to pay the full cost of construction of a transmission addition or upgrade and its operation, and demonstrates to the ISO financial capability to pay those costs, such commitment and demonstration shall be sufficient to demonstrate that the project is economically driven. The ISO will include economically driven projects in the next succeeding Initial Integrated Transmission Plan proposed by the ISO, and the project shall be included in the Final Integrated Transmission Plan that is thereafter approved by the ISO Governing Board, provided that the project has no adverse impact on the ISO Controlled Grid, as determined by the ISO. To ensure that the Project Sponsor is financially able to pay the costs of the project to be demonstration of creditworthiness (e.g. an appropriate credit rating), or (2) sufficient security in the form of an unconditional and irrevocable letter of credit or other similar security sufficient to meet its responsibilities and obligations for the full costs of the transmission addition or upgrade. 3.4.1 The ISO may, on its own initiative, identify and become the Project Sponsor of a 1.1. If approved by the ISO Governing Board and included in the Final Integrated Transmission Plan, the applicable Participating TO shall construct the transmission project pursuant to Section 3.5. 3.4.1.1 Prior to the ISO sponsoring a transmission project, the ISO will notify Market