Thursday, April 25, 2024 | St. Lawrence County, NY
The New York State Public Service Commission says it will allow a consortium of the major electric utilities to borrow up to $400 million to upgrade transmission corridors. The PSC says the …
This item is available in full to subscribers.
To continue reading, you will need to either log in to your subscriber account, or purchase a new subscription.
If you are a digital subscriber with an active, online-only subscription then you already have an account here. Just reset your password if you've not yet logged in to your account on this new site.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
The New York State Public Service Commission says it will allow a consortium of the major electric utilities to borrow up to $400 million to upgrade transmission corridors.
The PSC says the consortium, known as New York Transco, will increase the amount of renewable electricity that can be transmitted and in order to reduce grid congestion and allow lower-cost electricity and renewable electricity being produced in upstate New York to flow to millions of downstate customers.
“Our energy system needs smart transmission projects to move clean power, lower electricity costs, grow the green economy, and reduce emissions,” said Commission Chair John B. Rhodes. Improvements such as these will benefit all New Yorkers.”
Transco, made up of Grid NY LLC, a subsidiary of National Grid PCL, Consolidated Edison Transmission, LLC, Avangrid Networks New York TransCo, LLC, and Central Hudson Electric Transmission LLC, was formed to plan, develop, and own high-voltage electric transmission facilities in New York.
Each of these companies is an affiliate of a fully-regulated, investor-owned utility that operates in New York subject to regulation by the commission.
In a petition filed on May 2, 2019, Transco requested approval to issue up to $400 million in new long-term debt securities. The financing is needed to complete the development and construction of an electric transmission line referred to as the New York Energy Solutions (NYES) transmission project, which will increase the amount of renewable electricity that can be transmitted from upstate to downstate.
Transco, working with National Grid, proposed this project through the competitive NYISO Public Policy Transmission Planning Process. NYES will help alleviate constraints on the transmission system that delivers electricity between the upstate and downstate regions, as identified in statewide transmission studies. The project will replace aging electric infrastructure, improve resiliency and storm hardening, and unlock upstate renewable development to meet state environmental goals, PSC says in its press release.
The project is slated to be operational by the end of 2023.
