Home » 2011 Issues » June 01, 2011 » PSC-22-11-00002-EP Approval for Hudson Transmission Partners, LLC to Incur Indebtedness and Borrow Up to $750,000,000
PSC-22-11-00002-EP Approval for Hudson Transmission Partners, LLC to Incur Indebtedness and Borrow Up to $750,000,000
6/1/11 N.Y. St. Reg. PSC-22-11-00002-EP
NEW YORK STATE REGISTER
VOLUME XXXIII, ISSUE 22
June 01, 2011
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
EMERGENCY/PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-22-11-00002-EP
Filing Date. May. 12, 2011
Effective Date. May. 12, 2011
Approval for Hudson Transmission Partners, LLC to Incur Indebtedness and Borrow Up to $750,000,000
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following action:
Proposed Action:
The Public Service Commission adopted an order approving, on an emergency basis, the petition on behalf of Hudson Transmission Partners, LLC (HTP) to incur indebtedness, for a term in excess of twelve months, by borrowing up to $750,000,000 to finance the construction of HTP's electric transmission facility.
Statutory authority:
Public Service Law, sections 4(1), 5(2), 65(1), 66(1), (2), (4), (5) and 69
Finding of necessity for emergency rule:
Preservation of public health, public safety and general welfare.
Specific reasons underlying the finding of necessity, above, are as follows:
This action is taken on an emergency basis pursuant to State Administrative Procedures Act (SAPA) § 202(6). The adequacy and reliability of the supply of electricity is essential to the public health, safety and general welfare of the citizens of New York. A failure to timely adopt the financing could potentially impair the ability of HTP to meet its construction schedule, and could adversely affect the availability of needed capacity for reliability in New York City. The access to new power supply sources, which HTP will provide, will be critical to maintain reliability as existing resources are retired or, in the event that generating facilities such as the Indian Point Nuclear Station are not re-licensed. As a result, compliance with the advance notice and comment requirements of SAPA § 202(1) would be contrary to the public interest, and the immediate authorization of the proposed financing is necessary for the preservation of the public health, safety and general welfare.
Subject:
Approval for Hudson Transmission Partners, LLC to incur indebtedness and borrow up to $750,000,000.
Purpose:
To finance the construction of Hudson Transmission Partners, LLC's electric transmission facility.
Substance of emergency/proposed rule:
The Public Service Commission adopted an order approving the petition by Hudson Transmission Partners, LLC (HTP) for approval to incur indebtedness, for a term in excess of twelve months, by borrowing up to $750,000,000 to finance the construction of HTP's electric transmission facility.
This notice is intended:
to serve as both a notice of emergency adoption and a notice of proposed rule making. The emergency rule will expire August 9, 2011.
Text of rule may be obtained from:
Leann Ayer, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2655, email: leann_ayer@dps.state.ny.us
Data, views or arguments may be submitted to:
Jaclyn A. Brilling, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 474-6530, email: secretary@dps.state.ny.us
Public comment will be received until:
45 days after publication of this notice.
Regulatory Impact Statement
A regulatory impact statement is not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
Regulatory Flexibility Analysis
A regulatory flexibility analysis is not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
Rural Area Flexibility Analysis
A rural area flexibility analysis is not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
Job Impact Statement
A job impact statement is not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
