{"id":495859,"date":"2022-09-25T06:20:11","date_gmt":"2022-09-25T03:20:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hochuls-green-power-scheme-may-raise-new-yorkers-power-costs\/"},"modified":"2022-09-25T06:20:11","modified_gmt":"2022-09-25T03:20:11","slug":"hochuls-green-power-scheme-may-raise-new-yorkers-power-costs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hochuls-green-power-scheme-may-raise-new-yorkers-power-costs\/","title":{"rendered":"#Hochul&#8217;s green power scheme may raise New Yorkers&#8217; power costs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407639beaea\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407639beaea\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hochuls-green-power-scheme-may-raise-new-yorkers-power-costs\/#%E2%80%9CHochuls_green_power_scheme_may_raise_New_Yorkers_power_costs%E2%80%9D\" >&#8220;Hochul&#8217;s green power scheme may raise New Yorkers&#8217; power costs&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/hochuls-green-power-scheme-may-raise-new-yorkers-power-costs\/#Doubling_investment\" >Doubling investment?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CHochuls_green_power_scheme_may_raise_New_Yorkers_power_costs%E2%80%9D\"><\/span>&#8220;Hochul&#8217;s green power scheme may raise New Yorkers&#8217; power costs&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<p>The green-energy movement has been very good for Wall Street, and not so good for consumers. Energy prices remain stubbornly high because environmentalists control vast swaths of government on both the federal and state levels mandating inefficient windmills, solar panels and other costly boondoggles.<\/p>\n<p>Meanwhile, the Wall Street cash register keeps ringing. Money managers sell high-cost funds investing in environmental causes to unsuspecting buyers, and banks tap into businesses that receive green subsidies.<\/p>\n<p>The latest example of Wall Street\u2019s green cash machine at work: Blackstone\u2019s investment in so-called \u201cclean hydropower\u201d that will bring this allegedly spotless electricity to New York City residents. The project is being sold as a clean and cost-efficient way to put a cap on our skyrocketing energy cost<\/p>\n<p>The reality might be much different.<\/p>\n<p>Gov. Hochul and the state Public Service Commission recently <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved a plan that was 10 years in the making. A decade ago, Blackstone, a private-equity firm with $881 billion under management, made a hydro-transmission outfit known as Transmission Developers Inc., or TDI, one of its portfolio companies, with a grandiose vision of making it a player in the state\u2019s utility market.<\/p>\n<p>Now that\u2019s playing the long <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>, and it gives you an indication of how the people at Blackstone smartly bet that the left\u2019s obsession with everything green would be a huge business opportunity someday.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1425556323.jpg?w=1024\" alt=\"Hochul has fully embraced clean energy. \" class=\"wp-image-23997195\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1425556323.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1425556323.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1425556323.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1425556323.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Gov. Hochul Commission recently approved a hydro power plan that was 10 years in the making.<\/figcaption><figcaption><span class=\"credit\">Getty Images for Concordia Summi<\/span><\/figcaption><\/figure>\n<p>That day is now. TDI will soon be laying 338 miles of transmission cable lines from hydro stations in Canada through the floor of the Hudson River, all the way to New York City \u2014 to provide power to some 1 million homes when the project is completed in 2026.<\/p>\n<p>It\u2019s pretty complex stuff that is made even more daunting given the costs involved. Just a few months ago, the project was slated to run no higher than $4.5 billion. It\u2019s now at $6.1 billion because of the immense amount of infrastructure and manpower necessary to carve cables through hundreds of miles of land.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<h2><span class=\"ez-toc-section\" id=\"Doubling_investment\"><\/span>Doubling investment?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>But it\u2019s happening. Financing terms, as Fox Business was first to report last week, will be announced later this month or next. They include Blackstone cobbling together bank loans to cover $5 billion in costs. Blackstone is responsible for another $1 billion, comprising the only equity stake in the transaction.<\/p>\n<p>That\u2019s a lot of money for a private-equity firm that has traditionally prospered by taking private companies in tech or hospitality, fixing their operations, and then selling them at a profit. But Blackstone thinks it\u2019s well worth it. People there privately estimate they will easily double their investment in a couple of years.<\/p>\n<p>One big reason Blackstone is so giddy is New York\u2019s embrace of everything green \u2014 virtually guaranteeing it a huge payday. Recall former Gov. Andrew Cuomo\u2019s shuttering of the Indian Point nuclear plant and his plans to slash fossil fuels in the state to be replaced by green substitutes that Hochul has fully embraced.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1243449091-1.jpg?w=1024\" alt=\"TDI will soon be laying 338 miles of transmission cable lines.\" class=\"wp-image-23997201\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1243449091-1.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1243449091-1.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1243449091-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1243449091-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The plan will provide power 1 million homes when the project is completed in 2026.<\/figcaption><figcaption><span class=\"credit\">dpa\/picture alliance via Getty I<\/span><\/figcaption><\/figure>\n<p>That is leaving a huge hole in the state\u2019s power grid. TDI and its transmission line \u2014 dubbed the Champlain Hudson Power Express, or CHPE \u2014 will become one of the only games in town as city dwellers face surging electricity costs amid shrinking supply.<\/p>\n<p>Yes, a sweet return for doing God\u2019s work on the environment, and I don\u2019t begrudge Blackstone for cashing in. A spokeswoman said \u201cthis project .\u2009.\u2009. will deliver consistent, reliable, clean power to New Yorkers.\u201d<\/p>\n<p>My beef is with New York state officials who have failed to level with consumers over why they want to embrace a Rube Goldberg-like approach to energy when simpler solutions exist (i.e., clean and increasingly safe nuclear and, yes, natural gas, which is cleaner than coal).<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1242869649.jpg?w=1024\" alt=\"Project supporters say while reducing CO2 emissions.\" class=\"wp-image-23997196\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1242869649.jpg?quality=75&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1242869649.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1242869649.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/GettyImages-1242869649.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>CHPE will lower rates by $17.3 billion over 25 years. <\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>First: There\u2019s no guarantee that transmission lines running under the Hudson will work as envisioned and reach the near 100% efficiency of Indian Point. Also, the project might not be that environmentally sound. Hydro power sounds clean since it comes from water flowing through dams way up in Canada. Still, some green groups are raising a stink because the construction might endanger fish and cause pollution.<\/p>\n<p>State officials are also not telling New York consumers that this whole effort might do little to stop the spiraling cost of energy, people with direct knowledge of the project tell me. Project supporters say while reducing CO2 emissions, CHPE will lower rates by $17.3 billion over 25 years. Sounds like a lot until you put it through a little logic: The \u201creduction\u201d will be more than offset by massive increases in energy costs because of the inefficient green push, and Hochul won\u2019t dare increase the supply of energy through more efficient nuclear power or she will face the wrath of the Democratic party base. Ditto for more natural-gas-created electricity.<\/p>\n<p>Blackstone as a green savior also comes with a significant caveat: Hydro-Quebec, the Canadian utility supplying the power to TDI, is allowed to throttle some of its power supply during the winter months. Canadian winters are notoriously harsh and when power is needed closer to home, less energy might flow to New York City. (Hydro-Quebec says it can only throttle \u201ccapacity,\u201d which it calls an \u201cinsurance product,\u201d and will deliver power all year.)<\/p>\n<p>As we all know, winters in New York are also no bargain. Thus this deal is no bargain \u2014 unless you\u2019re Blackstone.<\/p>\n<p>A Hochul rep didn\u2019t return calls and emails seeking comment.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/09\/24\/hochuls-green-power-scheme-may-raise-new-yorkers-power-costs\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Hochul&#8217;s green power scheme may raise New Yorkers&#8217; power costs&#8221; The green-energy movement has been very good for Wall Street, and not so good for consumers. Energy prices remain stubbornly high because environmentalists control vast swaths of government on both the federal and state levels mandating inefficient windmills, solar panels and other costly boondoggles. Meanwhile,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":495860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/09\/newspress-collage-23997074-1664075019041.jpg?quality=75&strip=all&1664060727&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[133563,88721,70752,81229,98806,4953,70753,70360],"class_list":["post-495859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-24-22","tag-blackstone-group","tag-energy","tag-green-energy","tag-kathy-hochul","tag-new-york-city","tag-renewable-energy","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=495859"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/495860"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=495859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=495859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=495859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}