|[February 13, 2013]
GE Unit to Auction Transmission Capacity from Its Linden Variable Frequency Transformer Smart Grid Project
LINDEN, N.J. --(Business Wire)--
GE (NYSE: 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
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 electical 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 www.lindenvftauction.com.
Questions can be directed to firstname.lastname@example.org.
The Brattle Group is managing the open season for GE Energy Financial
About GE Energy Financial Services
GE Energy Financial Services-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. More
Follow GE Energy Financial Services on Twitter (News - Alert): @GEEnergyFinServ
GE (NYSE: GE) 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. For
more information, visit the company's website at www.ge.com.
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