GE Energy Financial Services, a unit of General Electric Co, said it will auction the electricity capacity from a proposed transmission project that will increase the power-supply to capacity-constrained New York City.

Starting today and culminating in an auction expected in January 2007, GE Energy Financial Services will hold an open season to allocate transmission rights from the project.

The project involves building a Variable Frequency Transformer, a proprietary GE technology that enables a simple and controlled transmission path between electrical grids.

The project will transmit power from the Pennsylvania/Jersey/Maryland Interconnection to the New York ISO grid serving the New York metropolitan area.

Posted: 10|17|06 at 3:52 pm. Filed under: Auction News.