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CHAMPLAIN HUDSON POWER EXPRESS RECEIVES DEPARTMENT OF STATE APPROVAL

The Action Marks a Significant Step Forward as the Clean Energy Project Moves Closer to Reality

Transmission Developers Inc. (TDI) today announced that the Champlain Hudson Power Express transmission Project, which will bring 1,000 MW of clean, low-cost energy into the New York City market, has achieved yet another major milestone in its development.

On June 8, 2011, the New York Department of State (DOS) announced that it had completed a six month, comprehensive review of the Champlain Hudson Power Express Project and has determined that, pending TDI's compliance with DOS recommended changes to the project, is consistent with New York's Coastal Zone Management Program. The DOS action is a significant prerequisite to the now-ongoing federal permitting of the Project by the federal Department of Energy and U.S. Army Corps of Engineers. Commencement of construction of the Project is slated for the third quarter of 2012.

By its terms, the DOS decision requires TDI to conform to conditions relating to depth of burial for its cables, land-to-water transition zones, routing in the Hudson River, and construction seasons. In addition, TDI will be required to update its federal permit filings to reflect these conditions no later than July 8th, 2011. The conditions required by the determination are completely compatible with the Project construction plan that TDI has been working on for over two years.

TDI President and Chief Executive Officer Donald Jessome said, "TDI is very pleased with the successful outcome of this extensive review process and is grateful for the cooperative approach that the DOS coastal resources staff and executive management maintained throughout this process." Jessome continued, "We are another step closer to our goal of providing New York with an innovative transmission line that will improve the security and reliability of the grid, lower New Yorker's electric bills, and provide a cleaner and greener alternative source of power for the state."

The certification is important because a federal agency can only issue a permit for a project affecting New York's coastal area once the DOS determines that the activity is consistent with state coastal policies . The New York Public Service Commission and the New York Department of Environmental Conservation are also responsible for reviewing the Project through the Article VII process and are expected to announce their decisions in the near future.

The Champlain Hudson Power Express Project, in development for three years, is at the forefront of America's emerging "smart grid" revolution. The 330 mile transmission line will be installed both underground and underwater, originating at the U.S.-Canadian border and running the length of Lake Champlain and the Hudson River. The Project, once conformed to reflect the DOS approval, will avoid significant fish and wildlife habitats and other environmentally sensitive areas in the Hudson River. This new source of clean power will help meet growing demand, diversify the State's energy portfolio, increase the security of the electric grid, and reduce energy costs for consumers and businesses throughout the State.

Independent studies have found that the line will generate savings to New York consumers of approximately $750 million per year and significantly reduce harmful pollutants.

TDI was acquired by the Blackstone Group, headquartered in New York City, shortly before the Champlain Hudson Power Express Project was publicly announced in February 2010. More information on the Project and a copy of the determination is available at www.CHPExpress.com.

The ruling is available here.