New York Announces Record Renewable Energy Investment

2 minute(s) Read

October 25, 2023

ESG Review Staff

(Image Courtesy Of The Office Of Governor Hochul)

New York Governor Kathy Hochul announced the largest state investment in renewable energy in United States history. The conditional awards include three offshore wind and 22 land-based renewable energy projects totaling 6.4 GW of clean energy, enough to power 2.6 million New York homes and deliver approximately 12% of New York’s electricity needs once completed. When coupled with two offshore wind blade and nacelle manufacturing facilities, this portfolio of newly announced projects is expected to create approximately 8300 family-sustaining jobs and spur US$20 billion in economic development investments statewide, including developer-committed investments to support disadvantaged communities. The announcement supports progress toward New York’s goal for 70% of the state’s electricity to come from renewable sources by 2030 — and 9 GW of offshore wind by 2035 — on the path to a zero-emissions grid as required by the Climate Leadership and Community Protection Act. Following these awards, New York will now have enough operating, contracted, and under development renewable energy projects to supply 79% of the state’s 2030 electricity needs with renewable energy.

“New York continues to set the pace for our nation’s transition to clean energy,” said Governor Hochul. “An investment of this magnitude is about more than just fighting climate change — we’re creating good-paying union jobs, improving the reliability of our electric grid, and generating significant benefits in disadvantaged communities. Today, we are taking action to keep New York’s climate goals within reach, demonstrating to the nation how to recalibrate in the wake of global economic challenges while driving us toward a greener and more prosperous future for generations to come.”

In the most competitive offshore wind solicitation in the United States, New York State Energy Research and Development Authority (NYSERDA) has selected three new offshore wind projects that are expected to displace more than 7.72 million tons (7 million tonnes) of carbon dioxide annually, equivalent to removing 1.6 million cars from the road each year. Additionally, the awarded projects will bring more than US$15 billion in anticipated in-state spending and create more than 4200 family sustaining jobs across Long Island, New York City, and the Capital Region over the 25-year lifespan of the projects.

The three offshore wind projects include:

Attentive Energy One (1.404 GW) developed by TotalEnergies, Rise Light & Power, and Corio Generation. The project includes a novel fossil repurposing plan in Queens, which seeks to retire fossil fuel power generation in the heart of New York City and transition the current workforce to clean energy jobs.
Community Offshore Wind (1.314 GW) developed by RWE Offshore Renewables and National Grid Ventures. The project includes the use of new grid interconnections being developed by Con Edison in downtown Brooklyn, made possible by the Public Service Commission Order approving cost recovery for the clean energy hub to maximize delivery of clean electricity into New York City.
Excelsior Wind (1.314 GW) developed by Vineyard Offshore (Copenhagen Infrastructure Partners). The project includes proposed cable route options providing robust energy deliverability to Long Island, leveraging the electric grid expansion provided through the Long Island Public Policy Transmission Need outcome.