NORWICH – An application filed by New York Regional Interconnect seeking a federally-guaranteed 13.5 percent return rate on its $2.2 billion investment was ruled incomplete earlier this week.
It’s the third NYRI application that’s been sent back by state and federal energy agencies – the company’s first two permit applications have been turned away by the state Public Service Commission – since the power line project’s inception in March 2006.
In a letter sent May 13, the Federal Energy Regulatory Commission notified power line attorney Leonard Singer that NYRI’s petition for rate incentives lacked required technical information and evidence, including justification for a 13.5 percent guaranteed return on investment.
“Please be advised that your submittal is deficient, and that additional information and clarifications are required to process the filing,” the letter states.
NYRI has until May 28 to correct the mistakes, or its application could be rejected completely.