NY Public Service Commission Deems NYRI's Application to Build 190-Mile Transmission...

NY Public Service Commission Deems NYRI's Application to Build 190-Mile
Transmission Line Complete
Ruling Marks a Significant Milestone in NYRI's Project and the Start of Public
Hearings

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.
About NYRI
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
(www.borealisinfrastructure.com), a subsidiary of one of Canada's largest
pension plans, and American Consumer Industries (ACI, 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
david.kalson@rfbinder.com

Marie Gehret Williams
RF|Binder Partners
(212) 994-7554
marie.gehret@rfbinder.com

SOURCE New York Regional Interconnect, Inc.

David Kalson, +1-212-994-7513, david.kalson@rfbinder.com, or Marie Gehret
Williams, +1-212-994-7554, marie.gehret@rfbinder.com, both of RF|Binder
Partners, for New York Regional Interconnect