New England Clean Power Link Would Deliver 1,000 MW of Clean Power to New England Market

Burlington V.T. -- The development of a new, completely buried transmission

project called the New England Clean Power Link was announced today by TDI
New England. The proposed project would run from the Canadian border to
Ludlow, Vermont. The proposed project would deliver 1,000 MW of clean,
renewable hydropower to the New England marketplace, using state-of-the-art
High Voltage direct current (HVdc) technology.

The Clean Power Link would provide low-cost electricity to help fuel
economic growth across New England, producing an estimated $2 billion in
energy savings for consumers over the first ten years the line is in
service. The project would help enable the integration of intermittent
renewable resources into the transmission grid, increase reliability, and
diversify the region's fuel mix. Adding reliable hydropower will help
protect ratepayers against market volatility and provide a stable power
resource for years to come.

Donald Jessome, TDI New England's President and CEO said, "We believe this
project offers exciting benefits for Vermont and over the course of the
coming weeks and months we look forward to exploring this project with
elected officials, communities, and other stakeholders. Furthermore, we are
committed to continuing this dialogue throughout the entire course of the
development of the Clean Power Link."

Jessome continued, "If approved, this innovative project would increase the
market's fuel diversity, lower costs for ratepayers, and help meet the New
England governors' identified goal of bringing additional Canadian
hydropower into the region. By burying the line, either underwater or in
existing rights of way, the project can deliver needed energy to the
marketplace in a way that has minimal impacts on communities and the
environment. We want to stress that we are committed to constructing the
line using the highest environmental standards to protect Lake Champlain and
Vermont's natural beauty."

The Clean Power Link Project proposes to run two six-inch wide, solid state
cables an estimated 150 miles in Vermont. Approximately 100 miles would be
buried under Lake Champlain using low-impact installation techniques, with
the balance buried underground along existing rights-of-way. The line would
end at a converter station which would be built in Ludlow, Vermont. The
converter station would connect to Vermont Electric Power Company's 345kV
Coolidge substation.

Mr. Jessome explained that the HVdc technology that would be used is at the
forefront of America's emerging 'smart grid' revolution, saying, "The solid
state design is environmentally friendly, has an extremely small footprint,
and allows for very controllable electric flow, which helps with grid
reliability."

The line is estimated to cost $1.2 billion and would be 100 percent
privately-financed. The project is being developed as a merchant line,
meaning the financial risk associated with developing and constructing it is
borne by the developer and not Vermont's ratepayers. 1,000 MW is enough
power to serve approximately one million residential customers. The project
has a targeted in-service date of 2019.

The Clean Power Link offers many benefits for Vermont and New England. These
include: reducing electricity costs for businesses and consumers; lowering
emissions; creating hundreds of construction jobs; producing new tax revenue
for Vermont; creating a more reliable, diverse power grid; hardening
transmission infrastructure to protect it from natural disasters; and
providing "Black Start" capability -- meaning the line can assist in quickly
restarting the power grid in case of a blackout.

About TDI New England

TDI New England is a subsidiary of the Blackstone Group LP (Blackstone),
which has its headquarters in New York City. Blackstone is a leader in
alternative asset management with over $230 billion currently under
management. The TDI New England team is made up of the same leadership team
currently developing the Champlain Hudson Power Express in New York State.
The developers have a strong track record of working in partnership with
local elected officials, community groups, and other stakeholders to develop
projects that meet unique energy needs of growing economies, while
minimizing local impacts.

More information on the company and project are available at
www.necplink.com.