ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Massive infrastructure projects selected to deliver clean energy to New York City

New York Gov. Kathy Hochul kicked off Climate Week by announcing the selection of two massive transmission and renewable energy infrastructure projects that will deliver clean energy to New York City.
Follow @EngelsAngle

The projects are expected to reduce greenhouse gas emissions by 77 million metric tons over the next 15 years.

New York Gov. Kathy Hochul kicked off Climate Week by announcing the selection of two massive transmission and renewable energy infrastructure projects that will deliver clean energy to New York City.

Together, the Clean Path NY and Champlain Hudson Power Express projects will add 3,400 megawatts of new solar and wind power generation and establish two new high-voltage direct current transmission lines to deliver 18 million MWh of clean solar, wind, and hydropower to New York City every year, enough to power 2.5 million homes.

Hochul said the projects, if finalized by state authorities, will allow New York City to exceed its goal of 70% renewable energy by 2030.

"New York's communities are repeatedly facing serious consequences as a result of the devastation caused by the global climate crisis, and the stakes have never been higher as we deal with the economic and environmental destruction these extreme weather events leave behind," Hochul said in a statement "These transformative projects are a win-win—delivering thousands of new good-paying jobs throughout the state and attracting billions of dollars in private investment."

Clean Path NY project overview

The $11 billion Clean Path NY project will add 1,400 MW of new solar and 2,000 MW of new on-shore wind power generation, delivered to New York City from Upstate and Western New York by a 174-mile underground HVDC transmission line. Forward Power and the New York Power Authority will develop the project, which is expected to be operational in 2027.

Champlain Hudson Power Express project route

The Champlain Hudson Power Express, developed by Transmission Developers, Inc and Hydro-Québec, is a 339-mile underground HVDC transmission line that will deliver 1,250 MW of hydropower from Canada to New York City. The project is permitted to begin construction this year and will be operational in 2025.

The projects were selected for contract negotiation as part of the New York State Energy Research and Development Authority's (NYSERDA) Tier 4 renewable energy solicitation issued in January. Once finalized, NYSERDA will submit the negotiated contracts for these awarded projects to New York's Public Service Commission for consideration and approval.

"This is a transformative moment for New York City's fight against climate change," said New York City Mayor Bill de Blasio. "Two new transmission lines connecting New York City to electricity from water, the wind, and solar will create thousands of good union jobs, improve the resilience and reliability of our power supply, and dramatically reduce our reliance on oil and gas electricity that dirties the air in our neighborhoods and endangers our planet."

The projects are expected to reduce greenhouse gas emissions by 77 million metric tons over the next 15 years.

Subscribe to Renewable Energy World’s free, weekly newsletter for more stories like this

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.