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New York State Public Service Commission Issues Regulatory Document for Declaratory Rulings on Proposed Transaction

Strategic Insights

— 2 min read

The New York State Public Service Commission has issued a regulatory document on August 15, 2025, regarding a joint petition from Linden VFT, LLC, GE Vernova Inc., Power Holding LLC, Linden VFT Holding, LLC, and Riverview Power Holdings LLC for declaratory rulings on the proposed transfer of ownership of the Linden VFT Project. The petitioners request declaratory rulings that the proposed transaction is not subject to the Commission's jurisdiction under Section 70 of the New York Public Service Law or that it qualifies for the Wallkill Presumption, thereby exempting it from further review. Alternatively, they request the Commission to approve the proposed transaction under Section 70 and any other applicable statutory or regulatory provisions.

Key Takeaways:

  • The proposed transaction involves the transfer of GE Vernova's indirect ownership interests in Linden VFT to Riverview Power, with no change in the operation or management of the Linden VFT Project.
  • The Petitioners argue that the Linden VFT Project, located in New Jersey, is not subject to the Commission's jurisdiction under Section 70 of the New York Public Service Law because it is not an electric corporation.
  • The Linden VFT Project connects the PJM Interconnection and the New York Independent System Operator (NYISO) service territories, making use of controllable transmission equipment that Linden VFT owns or has a right to use under a contract with Cogen Technologies Linden Venture, L.P.
  • The Petitioners request expedited review of the petition, seeking a ruling on or before November 13, 2025, to avoid any undue delay in the proposed transaction.
  • The Linden VFT Project commenced commercial operation in 2009 and has a 315 MW merchant transmission facility that connects to Consolidated Edison Company of New York, Inc.'s ("Con Edison") Goethals substation in Staten Island, New York.
  • The membership interests of Linden VFT are currently owned 15% by Power Holding LLC and 85% by Linden VFT Holding, LLC, with Power Holding ultimately owning 100% of the interests in Linden VFT through its ownership of Linden VFT Holding.
  • The proposed transaction involves the assignment of a transmission scheduling rights agreement from RWE Clean Energy Wholesale Services, Inc. to Castleton Commodities Energy Trading LLC, an affiliate of Riverview Power.

Statistics:

  • The Linden VFT Project has a 315 MW merchant transmission facility that connects the PJM Interconnection and the NYISO service territories.
  • The project commenced commercial operation in 2009.
  • The membership interests of Linden VFT are currently owned 15% by Power Holding LLC and 85% by Linden VFT Holding, LLC.
  • The proposed transaction involves the assignment of a transmission scheduling rights agreement from RWE Clean Energy Wholesale Services, Inc. to Castleton Commodities Energy Trading LLC.
  • The Petitioners request expedited review of the petition, seeking a ruling on or before November 13, 2025.

Sources:

  • New York State Public Service Commission (August 15, 2025). STATE OF NEW YORK PUBLIC SERVICE COMMISSION Verified Joint Petition of Linden VFT, LLC, GE Vernova Inc., Power Holding LLC, Linden VFT Holding, LLC, and Riverview Power Holdings LLC for Declaratory Rulings Regarding Transfer of Ownership, or, in the Alternative, an Approval Pursuant to Section 70 the Public Service Law and a Declaratory Ruling that No Market Power Concerns Arise Case 25-E- VERIFIED JOINT PETITION FOR DECLARATORY RULINGS OR APPROVAL UNDER SECTION 70 OF THE PUBLIC SERVICE LAW AND DECLARATORY RULING REGARDING MARKET POWER.
  • New York State Public Service Commission (August 15, 2025). STATE OF NEW YORK PUBLIC SERVICE COMMISSION Verified Joint Petition of Linden VFT, LLC, GE Vernova Inc., Power Holding LLC, Linden VFT Holding, LLC, and Riverview Power Holdings LLC for Declaratory Rulings Regarding Transfer of Ownership, or, in the Alternative, an Approval Pursuant to Section 70 the Public Service Law and a Declaratory Ruling that No Market Power Concerns Arise Case 25-E- VERIFIED JOINT PETITION FOR DECLARATORY RULINGS OR APPROVAL UNDER SECTION 70 OF THE PUBLIC SERVICE LAW AND DECLARATORY RULING REGARDING MARKET POWER (Appendices).

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