NY A10079

Authorizes the Power Authority of the State of New York and the Long Island Power Authority to participate in public-private transmission projects through subsidiary companies to construct, repair, replace, reinforce, modernize, and expand the state's electric transmission grid.

Allows both authorities to form wholly-owned subsidiary companies, enter into transco master agreements, and transfer transmission assets or interests in assets to subsidiary companies on negotiated terms and conditions.

Enables the authorities to issue bonds and notes to finance subsidiary company operations, lend or transfer funds to subsidiary companies, and receive funds or property from subsidiary companies and transco companies.

Permits Long Island Power Authority to own interests in transmission assets located wholly or partially outside its service area in connection with transco company participation.

Exempts transco master agreements from certain state procurement and public service law requirements, and exempts activities undertaken pursuant to these provisions from environmental conservation law requirements; restricts participation to transmission projects only and prohibits participation in electric generating facilities.