The New York Regional Interconnect (NYRI) announced that it is suspending its participation in an effort to build a high-voltage transmission line to carry power--in part from wind farms--from upstate to downstate.
NYRI is a private consortium that has been working for five years on the 1,200 MW direct current project.
In a letter posted on the NYRI website, NYRI president Chris Thompson attributed the move to a March 31 decision by the Federal Energy Regulatory Commission denying
NYRI's request to review the recently approved rules of the New York
State Independent System Operator for transmission tariffs.
The letter said that with the rules in place "even if our project were to be sited by the PSC, NYRI would face the prospect of being unable to recover its costs for the transmission line."
The letter concludes that the situation creates unacceptable financial risk for NYRI's investors.
Opposition to the new transmission line reportedly was strong among many communities along the proposed 190-mile route, even though the plan called for the new $2 billion line to parallel the existing transmission line.
The NYRI consortium includes Borealis Infrastructure Management, a subsidiary of one of Canada's largest pension plans, and American Consumer Industries (ACI), an investment holding company that specializes in environmentally sensitive power generation technologies and applications.
Read New York Times Coverage at the link below.
