The New York State Public Service Commission approved a plan to allow New York Transco to borrow up to $400 million to upgrade transmission corridors.
The upgrades would increase the amount of renewable electricity that can be transmitted across the state.
“Our energy system needs smart transmission projects to move clean power, lower electricity costs, grow the green economy, and reduce emissions,” Commission Chair John Rhodes said. “Improvements such as these will benefit all New Yorkers.”
The $400 million in financing is needed to complete the construction of an electric transmission line called the New York Energy Solutions transmission project.
The first phase of the project includes a new, 54-mile, 345 kV transmission line that begins at a new Knickerbocker switching station in the Town of Schodack in Rensselaer County. It ends at the existing Pleasant Valley substation in the Town of Pleasant Valley, Dutchess County. The project is slated to be operational by the end of 2023.
The upgrades would promote job growth, reduce the environmental and health impacts, enhance system reliability, increase diversity in supply, enhance resiliency/storm hardening, reduce production costs, improve market competition, and mitigate the impacts of generator retirements.
New York Transco is a consortium of the major utilities including Consolidated Edison Transmission, Grid NY, Avangrid Networks, New York TransCo, and Central Hudson Electric Transmission.
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