New York Regulators Approve $400 Million for Upstate Power Line to Support Renewables

The New York Public Service Commission on Sept. 19 authorized New York Transco, a consortium of major utilities, to borrow up to $400 million to upgrade transmission corridors that will allow increased transmission of renewable electricity across the state.

In May, Transco sought approval to issue new long-term debt securities to complete the New York Energy Solutions transmission project, which will boost renewable energy transmission from upstate to downstate. The project is expected to be operational by the end of 2023.

In 2015, the commission voted to seek upgrades to more than 150 miles of high-voltage power lines, representing the backbone of New York’s electric transmission system running west to east and north to south. The improvements will reduce grid congestion and allow lower-cost electricity produced in upstate New York to flow to downstate customers. Transco, working with National Grid, proposed the project through the New York grid operator’s competitive public policy transmission planning process.

Transco is made up of Consolidated Edison Transmission LLC, Grid NY LLC, Avangrid Networks New York TransCo LLC, and Central Hudson Electric Transmission LLC. Each of these companies is an affiliate of a regulated, investor-owned utility that operates the state. The consortium was formed to plan, develop, and own high-voltage electric transmission facilities in New York.