CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Blackstone firm to provide clean energy to New York

By Aaron Woolner

01:10, 21 September 2021

 A taxi in Times Square
A taxi in Times Square - Photo: Shutterstock

Blackstone wholly-owned renewables firm Transmission Developers has been selected by the New York State Energy Research and Development Authority (NYSERDA), to deliver 1,250 megawatts of renewable power to New York City. 

The US private equity firm’s vehicle and Hydro-Quebec have developed Champlain Hudson Power Express (CHPE), a fully permitted, underground electric transmission line linking Canada and New York City.

New York heavily reliant on fossil fuel

Currently, New York City is estimated to be over 85% reliant on fossil fuel based electricity and CHPE project will reduce this reliance “significantly”, according to a press release from Blackstone. 

Jon Gray, president and COO of Blackstone said: “We’ve backed this innovative project for more than a decade while also committing to nearly $11bn of energy transition initiatives globally, just in the last three years.” 


17,997.50 Price
+0.140% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0039%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

78.10 Price
-0.290% 1D Chg, %
Long position overnight fee 0.0161%
Short position overnight fee -0.0380%
Overnight fee time 22:00 (UTC)
Spread 0.030


2,021.70 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0185%
Short position overnight fee 0.0103%
Overnight fee time 22:00 (UTC)
Spread 0.50


50,954.95 Price
-1.460% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

CHPE was selected for contract negotiation as part of the award under NYSERDA’s Tier 4 renewable energy solicitation issued in January 2021. 

“Major” green energy project

Once finalised, NYSERDA will submit the negotiated contract for the awarded project to New York’s Public Service Commission for consideration and approval. If the Tier 4 contract is approved, NYSERDA payments will not start until the project has obtained all required permits and local approvals, is constructed and delivers power to New York City, which is slated for 2025.

Doreen Harris, CEO of NYSERDA said, “The Champlain Hudson Power Express is a major green infrastructure project that will help transform New York’s power grid and help create good-paying jobs in delivering clean renewable energy from Upstate to New York City.”

Read more: New Zealand’s Infratil to invest 3m in Asian renewables

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading