Transmission Developers Inc. (TDI) announced plans to develop a $3.8 billion power
transmission line to bring renewable power to New York and New
England from the U.S.-Canadian border.
Private equity firm Blackstone Group (NYSE: BX) is TDI’s
lead financial partner.
The transmission power line, called the Champlain-Hudson Power Express (CHPE), will be a High Voltage direct current (HVdc) cable designed to
principally run under waterways to minimize the impact to local communities and the
environment.
CHPE will be subject to extensive federal and state permitting requirements. The final route will be reviewed
by the New York State Public Service Commission and Connecticut regulators.
Once all the necessary approvals are granted, TDI would install a
355 mile HVdc cable from
Canada to the New York metro area. The cable route would follow major
waterways, including
the Hudson River and Lake Champlain, and an additional 65 mile
underwater connection to
Bridgeport, Connecticut. While the line will be principally placed
underwater, it will be installed
alongside existing rail right of ways in certain areas to avoid areas of
Hudson River PCB
dredging.
The CHPE project will deliver up to 2,000 megawatts (MW) of
hydroelectric and wind
power now being targeted for development in Canada to help meet growing
energy demands in
the New York and New England markets.
The CHPE Project has an active application pending in phase II of the United States
Department of Energy’s Loan Guarantee Program for transmission projects. This federal
program supports necessary transmission projects and helps spur private sector investment in
such projects.
TDI is working with Nalcor Energy to assess the feasibility of delivering hydroelectric and wind
power to key markets using this transmission line.
Ed Martin, President and CEO of Nalcor Energy, said the line could carry some power from Nalcor’s 3,000 MW Lower Churchill hydroelectric
project in Labrador, as well as future wind power projects.
Detailed information about the project is available at the link below.
Where are you getting your info? The link proclaims 1/2 to power capacity and 1/2 the costs you report.