STAMFORD, CT. & LINDEN, N.J.--(BUSINESS WIRE)--The proposed project announced earlier today will consist of the design, construction, and operation of three Variable Frequency Transformers. Power will be transmitted through an existing cable running in bedrock 60 feet beneath the Arthur Kill waterway.
The corrected release reads:
GE TO AUCTION ELECTRIC TRANSMISSION CAPACITY FOR NEW YORK CITY FROM PROPOSED NJ TRANSMISSION PROJECT
GE Energy Financial Services announced today that it will auction the electric transmission capacity from a proposed transmission project capable of increasing the power supply to capacity-constrained New York City.
The project will be a significant improvement to the regional transmission grid, transmitting power from the Pennsylvania/Jersey/Maryland Interconnection, the largest centrally dispatched electric grid in the world, to the NYISO grid serving the New York metropolitan area. The project will be able to transfer an incremental 300 megawatts of capacity from PJM to NYISO through an existing cable running in bedrock 60 feet beneath the Arthur Kill waterway -- originating at GE's 900 MW Linden, NJ, cogeneration power plant and connecting to Consolidated Edison's Goethals substation in the New York City borough of Staten Island.
NYISO, the New York Independent System Operator, a federally regulated, not-for-profit corporation operating New York's bulk electric transmission system, projects that New York City's peak demand will increase by 1,300 megawatts by 2016. Environmental constraints make siting power plants within New York City difficult and add to the cost of locally generated power. The project will provide access to economic sources of power within the PJM. Commencing today and culminating with an auction expected in January 2007, GE Energy Financial Services will hold an open season to allocate transmission rights from the project. Interested parties may visit www.lindenvftauction.com or contact Brad Miller of CRA International (617-425-3384, [email protected]) to learn more about the proposed project, the open season process, as well as an informational meeting to be held in New York City. CRA International is managing the open season for GE Energy Financial Services.
The proposed project will consist of the design, construction, and operation of three Variable Frequency Transformers, using proprietary GE technology that enables a simple and controlled transmission path between electrical grids. The three Variable Frequency Transformers will be installed at the Linden Cogen power plant, which GE Energy Financial Services purchased earlier this year.
"A reliable and proven technology, Variable Frequency Transformers provide a unique way to transfer power from one electric network to another, taking advantage of our Linden Cogeneration plant's strategic New Jersey location and transmission cable capacity -- to serve key New York metropolitan markets," said Mark Mellana, a managing director for power at GE Energy Financial Services. "For New York City, this is an economic way to provide much-needed capacity."
The Variable Frequency Transformer project builds on GE Energy Financial Services' 25-year legacy of investment in power. GE Energy Financial Services holds investments in power projects with a capacity to produce 22 gigawatts, enough to power more than 20 million homes.
Construction of the Variable Frequency Transformer project is expected to begin in the second quarter of 2007, with completion in the fourth quarter of 2009.
About GE Energy Financial Services
GE Energy Financial Services' 300 experts invest globally with a long-term view, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With $13 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $3 billion annually in two of the world's most capital-intensive industries, energy and water. More information: www.geenergyfinancialservices.com
About GE
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
Editor's Note: Caption for image accompanying this press release -- GE Energy Financial Services is auctioning electricity from a proposed transmission project in New Jersey capable of increasing the power supply to energy-constrained New York City. This artist's rendering shows one of three Variable Frequency Transformers to be used in the proposed project.
Contacts Media:
GE Energy Financial Services
Andy Katell, +1-203-961-5773
or
Contact for Other Interested Parties:
CRA International
Brad Miller, +1-617-425-3384
Vice President
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892