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Bear Sterns Move Over,
NYRI Investors Want a
Federal Bailout Too!
The
company that wants to build
a 400,000-volt electric line
through Upstate New York is
asking the Federal Energy
Regulatory Commission (FERC)
to lock in a huge profit
margin for its investors
while passing the $2.1
billion cost of the project
on to ratepayers.
New York Regional
Interconnect, Inc. (NYRI)
President Chris Thompson
announced their application
under the 2005 Federal
Energy Policy Act to use
ratepayer money to
underwrite the cost of the
line and lock in his
investors' returns at 13.5%!
Ironically, Thompson cites
vigorous local citizen
opposition as the basis for
federal relief for the
project, which the
application says makes it
"unlikely that NYRI will be
able to obtain the long-term
financing to bring the
project to commercial
operation.”
Eve Ann Shwartz of STOP
NYRI calls the
application "a tacit
admission that NYRI does not
have a plausible business
plan," which she said
explains why virtually all
of New York's elected
officials, environmental
groups, and business leaders
oppose NYRI.
"If New York really needed
what NYRI proposes,
politicians, investors, and
lenders would be lining up
behind it instead of against
it."
"STOP NYRI members are
appalled that NYRI wants
ratepayers to guarantee
NYRI's success." said
Shwartz. "NYRI's request to
FERC is a blatant attempt to
use the federal government
to lock in an indecent
profit margin for their
nervous investors. If I had
money in the project, I
would be worried too."
"NYRI's second failed
application to the state
Public Service Commission,
their repeated appeals to
the FERC, and now this
attempt to use federal
powers to force citizens to
pay for this flawed project
all point to a complete
disregard for the New York
State review process and for
the citizens of New York
state," said Shwartz.
STOP NYRI urges citizens of
Central New York to contact
the FERC, the PSC, and New
York State officials to
object to NYRI's application
to FERC.
Contact information follows:
DOE
Office of Electricity
Delivery & Energy
Reliability
U.S.
Department of Energy
1000 Independence Avenue, SW
Washington, DC 20585
By Phone: 202-586-1411
By Fax: 202-586-1472
By Email:
OEwebmaster@hq.doe.gov
FERC
Kimberly D.
Bose, Secretary
Nathaniel J. Davis, Sr.,
Deputy Secretary
Federal Energy Regulatory
Commission
888 First Street, NE
Washington, DC 20426
http://www.ferc.gov/contact-us/contact-us.asp
NY PSC
Email
Address:
Web_Questions@dps.state.ny.us
Hon. Jaclyn A.
Brilling
Secretary to the Commission
New York State Public
Service Commission
Agency Building 3
Albany, NY 12223-1350
Phone: 518-474-6530
Fax: 518-486-6081
The Governor:
David A.
Paterson
State Capitol
Albany, NY 12224
518-474-8390
http://www.ny.gov/governor/contact/index.html
Attorney General Andrew
Cuomo
The Capitol
Albany, NY 12224-0341
Phone: 518-474-7330
http://www.oag.state.ny.us/online_forms/email_ag.jsp
Fax:
518-473-9909
The Honorable Hillary Rodham
Clinton
United States
Senate
476 Russell Senate Office
Building
Washington, D.C. 20510-3203
DC Phone: 202-224-4451
DC Fax: 202-228-0282
http://clinton.senate.gov/contact/webform.cfm?subj=issue
http://clinton.senate.gov/
The Honorable Maurice D.
Hinchey
United States
House of Representatives
2431 Rayburn House Office
Building
Washington, D.C. 20515-3222
DC Phone: 202-225-6335
DC Fax: 202-226-0774
http://www.house.gov/writerep/
http://www.house.gov/hinchey/
The Honorable Charles
Schumer
United States
Senate
313 Hart Senate Office
Building
Washington, D.C. 20510-3201
DC Phone: 202-224-6542
DC Fax: 202-228-3027
http://schumer.senate.gov/SchumerWebsite/contact/webform.cfm
http://schumer.senate.gov
<
http://schumer.senate.gov/
>
Representative Michael
Arcuri (24th dist.)
327 Cannon
House Office Building
Washington, D.C. 20515
Phone: 202-225-3665
Fax: 202-225-1891
Visit www.info.nyri <
http://www.info.nyri/
> for more
information.
Submitted by:
Chris Rossi, Co-chair, STOP
NYRI
Hubbardsville, NY
315-691-5353
Chris Hoffman
Communications Manager
STOP NYRI
607-674-2611
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