August 27, 2008
NY Public Service Commission Deems NYRI’s Application to Build 190-Mile Transmission Line Complete
ALBANY, N.Y., Aug. 27 /PRNewswire/ -- Today, the New York Public Service Commission (PSC) officially deemed complete the Article VII application submitted by New York Regional Interconnect Inc. (NYRI) to build a 190-mile transmission line to bring electrical energy from upstate New York to meet the growing demand in the southeastern part of the state. The ruling indicates that the PSC has accepted NYRI's comprehensive filing which includes numerous and voluminous studies examining the economic and environmental impacts of the proposed line, as well as different routing options.
"We are very pleased by the PSC's decision and were optimistic all along that we would be judged fairly by the merits of our project," said Chris Thompson, president of NYRI. "This is a significant milestone and turning point for NYRI, as it represents more than two and a half years of hard work and investment in the project, which will ultimately benefit all New Yorkers and improve New York's energy future. NYRI is historic on many levels -- as it will be the first major transmission upgrade from upstate to downstate New York in more than 20 years -- and we believe that this latest development brings us another step closer to helping New York relieve system congestion and increase reliability while providing important local economic development opportunities and environmental benefits."NYRI submitted its original Article VII application in May 2006 and a multi-volume supplemental filing in February. NYRI has submitted additional project details and documentation to the PSC since that time. The PSC's latest ruling will lead to a series of public statement hearings in communities along the proposed transmission line route in the fall. In addition, the Administrative Law Judges assigned to hear the case will establish a schedule for evidentiary hearings.
As NYRI has demonstrated in its Article VII application, the project will bring significant economic advantages to host communities in the form of reduced electricity rates, some 300 jobs during the construction phase of the project, the local sourcing of goods and materials and the payment of property taxes. NYRI's tax payments to host municipalities and school districts alone are estimated to total more than $37.2 million annually.
In addition to the economic stimulus the NYRI project will bring, the project will also lower wholesale electricity costs throughout New York State, which currently has the third-highest rates in the country. Comprehensive economic studies by Charles River Associates show that, by 2018, the NYRI power line will relieve costly electrical congestion in the state, thereby lowering wholesale rates by 5.7 percent. That translates to an annual savings for New Yorkers of nearly $684 million.
Recently, NYRI has also gained the official public support of Unions for Jobs and the Environment (UJAE), whose member unions represent more than 3.2 million workers in electric power, transportation, construction and other industries, as well as the National Disabled Veterans Business Council and NYAREA, a New York City-based group.
"As we gain critical support and momentum, I continue to hope that communities will see that NYRI is striving to address the vital energy needs of all New Yorkers while making important local economic investments," Thompson said.
New York Regional Interconnect, Inc. (NYRI) (http://www.nyri.us/) is a group of investors, engineers, legal advisors, economists and environmental scientists proposing to build a transmission line that would bring electrical power from areas with abundant supply to areas with high demand. NYRI is working with state leaders and communities to enhance public understanding of energy issues, support conservation and promote responsible energy production, transmission and use.
NYRI is owned by a consortium of investors with broad experience in managing energy and other infrastructure assets and investments. The consortium includes Borealis Infrastructure Management (http://www.borealisinfrastructure.com/), a subsidiary of one of Canada's largest pension plans, and American Consumer Industries (ACI, http://www.aciinc.net/), an investment holding company that specializes in environmentally sensitive power generation technologies and applications.
Media Contact: David Kalson RF|Binder Partners (212) 994-7513 [email protected] Marie Gehret Williams RF|Binder Partners (212) 994-7554 [email protected]
New York Regional Interconnect, Inc.
Web site: http://www.nyri.us/http://www.borealisinfrastructure.com/http://www.aciinc.net/