NEW YORK – New York Transco has been allowed to borrow $400 million to perform electricity transmission upgrades which would increase the amount of renewable electricity that can be transmitted across the state.
The $400 million financing approved by The New York State Public Service Commission will be used to complete the construction of an electric transmission line called the New York Energy Solutions transmission project.
The project includes construction of a new 54-mile, 345 kV transmission line that will run from a new Knickerbocker substation in the Town of Schodack, Rensselaer County to 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.
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.
Source: RTO Insider