Phase I of the Neptune project was apparently completed 2007. It will provide 660 MW using HVDC underwater (submarine) cable from PJM to Long Island. http://www.neptunerts.com/default.asp?Ss=5&Pg=5
I didn't know there were other phases. But according to this document on page 68 (http://www.caem.org/website/pdf/Grid_Final.pdf):
Phase II is to connect Canada and New York City. Phases III/IV would provide feeders from Phase II to Boston and Portland, ME.
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