TDI ANNOUNCES IMPORTANT MILESTONE IN THE DEVELOPMENT OF THE CHAMPLAIN HUDSON POWER EXPRESS
Transmission Developers Inc (TDI) today announced an important milestone in the development of the Champlain Hudson Power Express (CHPE). The project -- an innovative power transmission line that will bring safe, secure, affordable, clean power to the United States -- has received authorization from the Federal Energy Regulatory Commission (FERC) to charge negotiated rates for the sale of transmission rights on the proposed line.
In the FERC order, the Commission noted that the CHPE project is one of the longest and highest capacity High Voltage direct current (HVdc) systems in the world. The project will utilize submarine or underground cables and FERC acknowledged the project's ability to provide substantial economic benefits to historically congested power markets.
In recognition of the unique characteristics of the project, FERC authorized CHPE to seek up to 75% pre-subscription from anchor customers.
Donald Jessome, President and CEO of TDI said, "We greatly appreciate FERC's efforts to work with developers to implement policies that will promote the creation of new transmission facilities in the United States. This FERC ruling is another positive development as we continue to work towards connecting clean energy resources with congested markets where power is needed the most."
The CHPE was announced in February 2010. The line will originate at the U.S.-Canadian border and deliver primarily new sources of hydro and wind power. This clean power will help meet growing demand, increase the security of the electric grid, and reduce energy costs for consumers and businesses. More information on the project is available at www.CHPExpress.com.
* This release was adjusted on July 29, 2010