San Diego Gas & Electric’s (SDG&E) proposed Valley Rainbow Interconnect transmission line will help San Diego County reach its full economic potential through 2020, according to a new economic study. Titled “Economic Impact and Benefit Analysis of the Valley Rainbow Interconnect,” the study was prepared by The London Group Realty Advisors, Inc. and paid for by SDG&E.
According to the study, the following long-term economic benefits in San Diego County are linked to electricity from the Valley Rainbow project:
“- $7 billion annually in consumer spending;
“- $1 billion annually in property tax;
“- $190 million annually in sales tax;
“- 500,000 new jobs from 2006-2020.
Short-term benefits are related to the construction of the project. More than $114 million dollars will be spent in the region during construction. Researchers found that the project will yield the following short-term benefits:
“- 1,766 new jobs during construction;
“- $80 million in increased employee earnings;
“- $185 million in total business output.
The Valley Rainbow Interconnect project is a 500,000-volt transmission line proposed by SDG&E to meet projected demands for electricity in San Diego and Southern Orange Counties. The study was released in mid-October at a news conference sponsored by Southern Californians for Valley Rainbow (SCVR), a broad-based coalition of business leaders, labor unions, statewide trade groups, elected officials and private individuals in support of the project.