In just the last couple weeks, New York State has considered or approved various electricity reliability projects totaling more than $6.5 billion.
That figure already exceeds the state’s Energy Highway Blueprint recommendation to invest $5.7 billion in transmission upgrades and grid modernization over the next five to 10 years.
An encroaching fear of nuclear obsolescence at the aging Indian Point plant combined with New York’s bold energy modernization vision has led to a spree of initiatives ranging from a 333-mile hydro power line from Canada to a big check to finance clean energy.
So would you like to see where all of that cash is going? Here’s a by-the-dollars snapshot of plans on deck to secure the future of the state's grid:
$1.5 billion: To fund new legislation approved by New York's Senate Tuesday, to build 2,200 megawatts of solar energy to power 400,000 New York homes.
$2.2 billion: To build the 1000-megawatt hydro transmission line from Quebec to New York City approved by the New York State Public Service Commission last Thursday. The 333-mile line will increase NYC's electricity capacity by 10%.
$511 million: To build three new transmission lines approved last Thursday to offset a likely shut down of Indian Point nuclear plant, providing NYC with a fourth of its electricity.
$2.5 billion: To entice NRG Energy Inc. to build two new plants to counter Indian Point’s closing.
TOTAL: $6.5 billion.
Other notable projects include New York's $1 billion Green Bank fund launched in January to finance private clean energy projects. Further, New York invested $257 million in 2012 to install solar on homes and businesses, marking a 91% increase in solar investment from 2011.
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