June 23, 2020 - Albany, N.Y.
Transmission Developers Inc. (TDI) today announced that the Open Solicitation process for transmission capacity on its Champlain Hudson Power Express (CHPE) will begin on June 23, 2020. TDI will solicit expressions of interest from qualified parties willing to acquire firm project transmission rights on the 333-mile, 1,000 MW, underground and underwater HVDC electric power transmission line.
TDI anticipates that construction will begin in 2021 and the line will commence commercial operation in 2025. TDI is also exploring the feasibility of expanding CHPE by 250 MW, for a total capacity of 1,250 MW.
TDI CEO Donald Jessome said, “We are pleased to kick off the open solicitation process and move the Champlain Hudson Power Express even closer to delivering carbon-free power to the people of New York. This process is a key step as we prepare for construction. We look forward to working with the parties that will ship power on our line and become long-term partners as we create jobs and tax revenue while delivering renewable power that will benefit residents, businesses and local governments in New York and beyond.”
The open solicitation process is consistent with the requirements of the Federal Energy Regulatory Commission and will be used to allocate transmission capacity on CHPE. TDI has retained The Brattle Group as the Independent Solicitation Manager (ISM) to conduct and oversee the process.
The open solicitation process will start on June 23, 2020. On that date, interested parties can access the CHPE Open Solicitation website (www.chpexpress-os.com). The website will contain additional information about the project, including an information memorandum that provides details on the market opportunities associated with accessing New York markets.
Parties interested in purchasing transmission capacity on CHPE must submit an “Expression of Interest” by August 14, 2020. Expressions of Interest can be submitted via the website (www.chpexpress-os.com) or via email to The Brattle Group (email@example.com).
TDI will evaluate and rank prospective customers and the company will not consider negotiating with any party that does not express interest for at least 50 MW of capacity. After review of the Expressions of Interest, TDI will identify a party or parties with whom to negotiate agreements for the sale of transmission rights.
In the event the transmission line is oversubscribed, CHPE, LLC will assess the economic and technical feasibility of increasing the capacity of CHPE. If increasing the transmission line’s capacity is not feasible, capacity on CHPE will be allocated to those customers who value it most.
About Transmission Developers Inc. and the Champlain Hudson Power Express: Transmission Developers Inc. (TDI) is a Blackstone Portfolio Company. New York–based Blackstone is a global leader in alternative asset management.
The Champlain Hudson Power Express (CHPE) is a permitted, 333–mile–long, buried and resilient high– voltage direct–current transmission line designed to transport renewable energy directly into New York City. CHPE will reduce annual carbon emissions by 3.4 million metric tons–equivalent to removing 28% of cars from New York City streets, support other sources of renewable energy and provide an alternative to fossil fuel generation. Slated to be operational by 2025, CHPE is estimated to create 2,000 jobs during construction and has committed to use union labor.
More information on the company and the project are available at www.chpexpress.com.
John Lacey, (315) 413-4294, firstname.lastname@example.org
Open Solicitation Information
The Brattle Group, email@example.com