GE Energy Financial Service to Auction Transmission Capacity from Linden Variable Frequency Transformer Smart Grid Project
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 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.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.