NORWICH – State Attorney General Andrew Cuomo is urging the federal government to dismiss New York Regional Interconnect’s request for guaranteed profits, according to a letter his office sent out Tuesday.
Cuomo argues NYRI’s petition – asking for a 13.5 percent annual rate of return for three years – is “premature,” “unjustified” and “excessive.”
Power line officials say they’re only following the precedent set by Washington and fellow transmission investors.
“In short,” states Cuomo, “NYRI’s request asks New Yorkers not only to bear the considerable threats posed by the NYRI (power line) to New York’s environment and to New York’s property, but also guarantee NYRI an excessive profit.”
NYRI officials contend their project – a 400,000 volt power line that would run from Utica to Orange County – is the biggest electricity upgrade proposed in the state in 25 years. They claim it would reduce electricity rates in metropolitan New York, prevent future blackouts and open the grid to environmentally friendly power sources, like windmills.