PSC-25-14-00013-P Exemption for or Approval of a Transfer of Ownership Interests and a Financing for BEC's 345 KV Transmission Line

6/25/14 N.Y. St. Reg. PSC-25-14-00013-P

NEW YORK STATE REGISTER

VOLUME XXXVI, ISSUE 25

June 25, 2014

RULE MAKING ACTIVITIES

PUBLIC SERVICE COMMISSION

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. PSC-25-14-00013-P

Exemption for or Approval of a Transfer of Ownership Interests and a Financing for BEC's 345 KV Transmission Line

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:

Proposed Action:

The Commission is considering a petition from Bayonne Energy Center LLC (BEC) and others requesting exemption from transfer and financing regulation or, in the alternative, approvals of a transfer and financing at its 345 kV transmission line to Brooklyn.

Statutory authority:

Public Service Law, sections 5(1)(b), 69, 69-a and 70

Subject:

Exemption for or approval of a transfer of ownership interests and a financing for BEC's 345 kV transmission line.

Purpose:

To consider exemption for or approval of a transfer of ownership interests and a financing for BEC's 345 kV transmission line.

Substance of proposed rule:

The Public Service Commission is considering a petition filed on May 22, 2014 by Bayonne Energy Center LLC (BEC), Hess Corporation (Hess), Hess Bayonne LLC and AL Bayonne Holdings LLC (ALBH) requesting exemption from transfer and financing regulation under Public Service Law (PSL) §§ 69, 69-a, and 70 or, in the alternative, approvals of a financing pursuant to PSL § 69 and a transfer pursuant to PSL § 70 that affect BEC’s 345 kV submarine electric transmission line routed from Bayonne, New Jersey to the Gowanus electric substation in Brooklyn, New York, owned by the Consolidated Edison Company of New York, Inc. Through the proposed transaction, Hess would sell its indirect upstream ownership interest in BEC to ALBH. The proposed financing is in a maximum amount of $720 million. The Commission may adopt, reject or modify, in whole or in part, the relief proposed and may resolve related matters.

Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.ny.gov/f96dir.htm. For questions, contact:

Deborah Swatling, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Kathleen H. Burgess, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Public comment will be received until:

45 days after publication of this notice.

Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement

Statements and analyses are 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.

(14-E-0195SP1)