Lithium demand is set to…
According to a top ranked…
A week ago the New York State Public Service Commission (PSC) granted their approval for the construction of the Champlain Hudson power Express transmission cable.
The $2.2 billion project will supply 1,000MW of clean power from hydroelectric plants in Quebec to New York City, increasing New York’s electricity supply by 10% and allowing a reduction in the dependence on fossil fuel burning power plants.
Transmission Developers Inc., the company set to develop the proposed transmission line, has estimated that the 333 mile long, subterranean cable will take about four years to complete, but that upon completion it should then reduce annual energy costs by around $650 million.
Related article: Energy Efficiency May Help Pay for Mortgages
The line will consist of two five-inch diameter cables that will be buried along roads and railway tracks to minimise the visual and environmental impacts of its installation.
Transmission Developers first proposed the idea back in February 2010, and after three years undergoing a review by the PSC, it finally received approval, a huge step for the project. Only two more federal permits now stand in the way before construction can begin; a Presidential Permit, and a permit from the Army Corps of Engineers. Both final permits are expected to be approved by the end of the year.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com