Investment and Economic Development
- The Champlain Hudson Power Express will cost approximately $2.2 billion to develop. The goal is to be in service by the fall of 2017.
- The project represents one of the largest investments in New York State history and will create an average of more than 300 direct and 1,200 indirect jobs during the 3 ½ year construction period.
- The Champlain Hudson Power Express (CHPE) transmission project will mean thousands of new jobs, millions of dollars in new economic activity for the New York economy and lower energy prices for consumers. Read the study here.
- According to current estimates, the project will generate in excess of $20 million a year in tax revenue to in upland areas where the line is buried along railroad tracks and public roads. Taxpayers in Washington, Saratoga, Albany, Schenectady, Greene, and Rockland counties, as well as the City of New York will receive yearly tax benefits from the CHPE. In addition, a one-time payment will be made to the State of New York for easements once the project is completed.
- Since the power is coming from new sources of clean power now under development, the project will not have a negative impact on Upstate power rates.
- Studies by London Economics demonstrate this new line will lower electric rates by approximately $650 million for consumers.
- The Blackstone Group, one of the world's leading investment and advisory firms, is the lead investor in TDI and this project.
- Debt financing is expected to come from a combination of shippers and contractor financing.