PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:

The Commission is considering a petition filed by NextEra Energy Transmission New York, Inc., seeking flexible financing authorization under lightened regulation.

A debt financing arrangement with respect to a proposed electric transmission project.

To consider the requested financing arrangement, and if approved, what regulatory conditions should apply.

The Public Service Commission (Commission) is considering a petition filed by NextEra Energy Transmission New York, Inc. (NEETNY) on April 25, 2022, requesting flexible financing under § 69 of the Public Service Law (PSL).

According to the petition, NEETNY was formed to develop, construct, and own high-voltage transmission facilities in the New York Independent System Operator, Inc. region in New York, including the 20-mile long 345 kV transmission line and associated switchyards in Niagara and Erie Counties known as the Empire State Line (ESL) Project. NEETNY seeks authorization to (1) issue up to $150 million of long-term debt, and (2) obtain a revolving credit facility in an amount not to exceed $50 million (collectively, the Financing). NEETNY also seeks authority to guarantee and to pledge ownership interests in, and the jurisdictional assets owned by, NEETNY as collateral security for the repayment of up to that $200 million. The petition states that the proposed Financing is for a statutory purpose, in that the indebtedness would be used NEETNY for general corporate purposes, including, but not limited to, funding capital expenditures, operating and maintenance expenses, and other general day-to-day business expenses associated with the operation of the ESL Project. The petition also asserts that approval of the Financing will ultimately strengthen NEETNY’s ability to provide cost-effective, safe, and reliable service, and is in the public interest.

NEETNY also seeks flexibility to modify, without prior Commission approval, the identity of the financing entities, payment terms, and the amount financed, up to the proposed $200 million limit. NEETNY asserts that approval of such flexibility is consistent with Commission precedent regarding lightly regulated entities seeking Commission approval for financings.

The full text of the petition and the full record of the proceeding may be reviewed online at the Department of Public Service web page: www.dps.ny.gov. The Commission may adopt, reject, or modify, in whole or in part, the action proposed and may resolve related matters.

John Pitucci, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2655, email: [email protected]

Michelle L. Phillips, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 474-6530, email: [email protected]

60 days after publication of this notice.