Report: Power project to create many jobs

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February 7, 2012

Anonymous Press-Republican The Press Republican Tue Feb 07, 2012, 05:37 AM EST

BOSTON — The project that will carry power under Lake Champlain to the New York City area will add more than 1,000 jobs, a new report shows.

London Economics International has released its analysis of the macroeconomic impacts of the Champlain Hudson Power Express project.

The company studied the labor-market impact of the proposed transmission project and overall effect on New York's gross domestic product.

The project is a 1,000-megawatt underwater and underground transmission line originating at the U.S.-Canadian border in Vermont, traveling under Lake Champlain and terminating in New York City.

With installation costs representing more than 50 percent of the total project costs, investment-related spending in New York state will be significant, the company says in a news release.

Construction is expected to begin in 2013 and last for three and a half years. During that phase, the line is projected to bring an average of more than 300 direct construction jobs to the state, with a peak of more than 600 jobs in 2015.

As a result of the jobs and other in-state spending — on average, $100 million per year in New York over the three and a half years — London Economics projects that an average of more than 1,200 indirect and induced jobs will be created.

In addition, New York's gross domestic product is forecast to increase by about $150 million.

Once operational in late 2016, the Champlain Hudson Power Express is expected to reduce electricity costs by more than $650 million a year in New York state, according to prior studies completed by London Economics on wholesale power market impacts.

"And as a consequence of the electricity cost savings for consumers, realized through the operation of CHPE, the project will produce nearly 2,400 indirect and induced jobs in New York," London Economics Managing Director Julia Frayer said in a statement.

The study also projects that the electricity cost savings will spur economic development in the state and increase the New York gross domestic product by an average of $600 million per year.

The report is available at CHPExpress.com.