Dive Summary:

• The U.K.-based National Grid will invest $1.6 billion in infrastructure upgrades across upstate New York in a three-year spending plan, CEO Steve Holliday announced Tuesday.
• "The vast majority of that is going to modernizing and replacing old assets totally," including towers, cables, substations and switch gear, Holliday said in a speech at the Buffalo Niagara Partnership. “We're not sort of massively going to turn the system from old to new overnight, but it's the right rate of replacement of assets to maintain the reliability that we've been delivering."
• Holliday also weighed in on the debate over whether to convert an NRG power plant in Dunkirk from coal to natural gas. "It looks when you do a fundamental piece of analysis that [...] the cheapest answer for customers is a transmission investment and bringing power into the area,” the CEO said.

From the article:

“National Grid's U.S. operations were formed through acquiring five companies, the largest of which was Niagara Mohawk, representing 26 percent of National Grid's U.S. assets.”