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Linden, NJ, United States, 2013/02/13 - GE unit GE Energy Financial Services announced that it will auction 15 megawatts of bi-directional electricity transfer capacity across its Linden, NJ, Variable Frequency Transformer (VFT) smart grid project (NYSE: GE). NYSE: GE
GE unit GE Energy Financial Services announced today that it will auction 15 megawatts of bi-directional electricity transfer capacity across its Linden, NJ, Variable Frequency Transformer (VFT) smart grid project, which uses GE technology to enable a simple and controlled transmission path between electrical grids.
GE Energy Financial Services will hold the auction in April to sell 15 megawatts of transmission scheduling rights. The scheduling rights will become available on July 1, 2013, and last through October 31, 2014. The project’s customers can use these rights to sell power capacity and energy sourced in the PJM Interconnection, LLC (PJM) regional control area, the largest centrally dispatched electric grid in the world, into the New York Independent System Operator, Inc. (NYISO) regional control area. Linden VFT customers also can route energy from NYISO to the PJM Interconnection.
The Linden VFT smart grid project is located at the intersection of the New York City (NYISO Zone J) and PJM power grids and is capable of transferring 315 megawatts of capacity, enough for up to 315,000 homes. The project is adjacent to GE Energy Financial Services’ 900-megawatt Linden cogeneration power plant.
Linden VFT commenced commercial operation in late 2009 and has demonstrated the flexibility to flow power in both directions between the NYISO and PJM power grids. The variable frequency transformers provide a precise control path between electrical grids, permitting power exchanges that were previously impossible because of technical constraints. They enable transmission system operators at PJM and NYISO to control power flows with high reliability, speed and efficiency, while offering flexibility in how growing energy demand is met. The reliable power flow also provides customers with more diverse and lower-cost power sources.
GE Energy Financial Services will hold an “open season” to allocate the transmission scheduling rights, which entitle Linden VFT’s customers to determine use of the project. To learn more, visit lindenvftauction.com. Questions can be directed to linden-vft-iam[.]brattle.com. The Brattle Group is managing the open season for GE Energy Financial Services.
About GE Energy Financial Services
GE Energy Financial Services (geenergyfinancialservices.com) GE’s energy investing business works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds an approximately $20 billion global energy portfolio.
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.