New York Governor Hochul and New York City Mayor De Blasio have jointly announced two major green energy infrastructure projects that could have a large impact on the tri-state area energy markets. The initiative, if approved, will provide New York City with electricity from wind, solar, and hydroelectric plants located in upstate New York and Canada. The projects include the construction of two new transmission lines as well as new renewable energy generation sites. Upon completion, they are expected to generate approximately 18 million megawatt-hours of electricity per year, resulting in a 77 million metric ton reduction of greenhouse gas emissions over the next 15 years. This is enough renewable energy to power 2.5 million homes, and is the equivalent of removing one million cars from New York roadways.
The project is in alignment with several initiatives at both the State and City level, including the Climate Leadership and Community Protection Act (CLCPA) and OneNYC 2050, each of which set the goal of 100% clean electricity by 2040 for NY State and NYC, respectively.
The proposal also furthers state-wide economic recovery from COVID-19. The project will generate approximately 10,000 jobs statewide, as well as contribute $8.2 billion in economic development investments. These economic investments include $460 million to support the development of a clean energy workforce, public health initiatives, additional capital improvement projects, and will help improve environmental impacts associated with buildings in disadvantaged areas.
This project is a major step in reaching state-wide carbon neutrality, and increases the resilience of the electrical grid. For more information about the proposal, please see the NYC press release here. More information about the OneNYC 2050 initiative can be found here, and an outline of the Climate Leadership and Community Protection Act can be found here.