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BLACKSTONE GROUP LP

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BLACKSTON : Innovative Clean Energy Transmission Project Receives Broad Bi-Partisan Support From NY Congressional Delegation

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07/06/2011 | 05:45pm EDT

07/06/2011

Innovative Clean Energy Transmission Project Receives Broad Bi-Partisan Support From NY Congressional Delegation

20 Members of Congress Send Letter to Governor Cuomo Urging the Innovative, Clean Energy Project Remain a Top Priority

Transmission Developers Inc. (TDI) today announced that Members of Congress, from districts across the state of New York, have sent a letter to Governor Cuomo urging him to support the Champlain Hudson Power Express underwater transmission project.  In the letter, this bi-partisan coalition thanked the Governor for his leadership creating jobs, lowering utility costs, and developing an energy roadmap for the state and urged him to “keep this important energy infrastructure project at the top of his energy agenda.”  20 members in total signed the letter. 

The Champlain Hudson Power Express transmission project will bring 1,000 MW of clean, low-cost hydro and wind energy into the New York market and is at the forefront of America’s “smart grid” revolution.  This new source of clean power will help meet growing demand, diversify the State’s energy portfolio, increase the security of the electric grid, and reduce energy costs for consumers and businesses.  Independent studies have found that the line will generate savings to New York consumers of approximately $750 million per year and significantly reduce harmful pollutants.

The 330 mile transmission line will originate at the U.S.-Canadian border and run the length of Lake Champlain and the Hudson River.  Installed largely underwater and along existing rights of way, the project will have limited impact on local communities earning it wide support from the public and environmental groups.

Transmission Developers CEO and Chairman Donald Jessome said, “We are pleased that members of Congress from both sides of the aisle and across the state have expressed their strong support for this innovative clean energy transmission project and the lower power prices it promises. I want to thank each and every one of them for their support”. 

Congressman Tom Reed (R NY-29) said, “This is a great example of private sector investment in our electric power infrastructure. This type of private-public partnership is the future of infrastructure investment. New York State will need projects like the Champlain Hudson Power Express to meet its future energy needs.”

Congressman Paul Tonko (D NY-21) said,  “With a cost of nearly $2 billion, this project would be one of the largest investments in New York State history and create up to 200 construction jobs.  It will help increase the security of the State's electric grid, reduce emissions and lower energy costs for consumers.  This is the kind of project that everyone can agree on.”

The letter noted the many benefits of the privately financed, user-pay transmission project and stated specifically that it “will connect cleaner and lower cost sources of energy with highly congested markets, such as New York City.”

The Members of Congress believe the Project is an important part of New York’s energy future, stating, “We believe this project is an important step towards addressing the broader energy challenges facing our state, and our nation. It is our hope that this project proceeds, and leads to greater energy production and transmission within our state.”

The project is moving steadily through the permitting process and last month received a coastal zone consistency ruling from the New York State Department of State.

The New York Public Service Commission and the New York Department of Environmental Conservation are also responsible for reviewing the Project through the Article VII process and are expected to announce their decisions in the near future.

TDI was acquired by the Blackstone Group, headquartered in New York City, shortly before the Champlain Hudson Power Express Project was publicly announced in February 2010.

Contact: 

Andrew Rush

(518) 618-1513

arush@mower.com


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Managers
NameTitle
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer
John Stecher Chief Technology Officer
Hamilton Evans James Executive Vice Chairman & Director
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