Projects Across Northeast Will Harden Grid,
Reduce Emissions and
Deliver Benefits for Customers & Local Economies
BROOKLYN, N.Y. and WALTHAM, Mass., May 23,
2024 /PRNewswire/ -- National Grid today announced plans to
invest an estimated $75 billion*
across the company's service territory in the UK and US over the
next five years, with nearly half of the funding dedicated to US
energy system improvements in Massachusetts and New York. This significant step up to
approximately $35 billion* of
investment represents an increase of more than 60% on National
Grid's investment in the region in the last five years. Today's
announcement makes National Grid one of the biggest investors in
the energy transition in the Northeast and demonstrates the
company's commitment to help both states achieve their climate
goals and deliver economic growth.
Group CEO of National Grid John Pettigrew said: "Today's
announcement is a clear illustration that National Grid is
committed to playing our part in achieving the ambitious
decarbonization targets that New
York and Massachusetts
governments have set. The increased investment we're announcing
today follows positive engagement with our regulators in these
states, reflecting a willingness to upgrade electricity networks to
provide long term affordable energy to all, and reduce emissions
across our gas networks."
According to the US Department of Energy (DOE), lack of
transmission infrastructure can directly contribute to higher
electric bills, and more frequent and longer power outages.
Preliminary findings from DOE's National Transmission Needs Study
also found that developing new transmission in the New York-New England corridor would not only
improve reliability, but also support the increasing electric
demand in the region. The federal analysis found the region needs a
255% increase in transmission development to support the clean
energy growth expected under New
York and Massachusetts
policies.
As a result of the investment announced today, National Grid
will unlock economic growth across New
York and Massachusetts. By
the end of the decade, National Grid will support 127,000 jobs.
In New York, National
Grid is investing around $21 billion*
between now and 2029. Among those investments is the Upstate
Upgrade which comprises more than 70 transmission enhancement
projects across Upstate New York. The portfolio of projects will
transform the grid, improve reliability and resilience, and enable
National Grid to deliver renewable energy to homes and businesses
across the state. This investment will also generate thousands of
new jobs and create additional economic growth, all while ensuring
the grid is able to meet the growing demand for electricity.
"This landmark investment will transform the energy grid to meet
growing energy needs and is a much-needed piece of the puzzle to
support the clean energy transition," said National Grid New
York President Rudy Wynter. "The
money we are spending to make these upgrades is necessary to
deliver renewable energy to homes and businesses across
New York."
In New England, our five-year investment will total
roughly $14 billion*. As part
of this investment, National Grid will implement innovative
solutions, like smart meters, to help consumers manage energy use;
build modernized energy infrastructure; construct and upgrade
infrastructure to make it less susceptible to extreme weather
events; and maintain and improve the quality of our existing gas
and transmission assets.
One such proposed project, the Massachusetts Electric Sector
Modernization Plan (ESMP) would create a path to upgrade and expand
the electric grid, accelerate the connection of renewables to the
grid, and introduce new customer programs to encourage energy
efficiency, and the adoption of clean energy.
"National Grid is making it clear that we are a committed
partner to help Massachusetts meet
its climate and clean energy goals," said National Grid New
England President Lisa Wieland.
"The investment is essential to transform the energy ecosystem,
build new and expanded infrastructure, and deliver an electric
network that is fundamentally smarter, stronger, cleaner and more
equitable than today."
In addition to the transmission investments, National Grid has
proposed a three-year investment plan to modernize the Downstate
gas businesses, reducing emissions, and making them more resilient
and reliable. This includes a focus on disadvantaged communities
and accelerating gas main replacements to reduce emissions, with a
target of 45 miles/year of replacements in New York City and 119 miles/year on
Long Island. Since 2013 National
Grid has replaced 1,500 miles of gas main, lowering system
emissions by 102,385 metric tons of CO2e, the equivalent to
removing 22,257 cars from the road.
*Based on £1: $1.25 exchange
rate
About National Grid
National Grid (NYSE: NGG) is an electricity, natural gas, and
clean energy delivery company serving more than 20 million people
through our networks in New York
and Massachusetts. National Grid
is focused on building a smarter, stronger, cleaner energy future —
transforming our networks with more reliable and resilient energy
solutions to meet state climate goals and reduce greenhouse gas
emissions.
For more information, please visit our website, follow us
on X (formerly Twitter), watch us on YouTube, like us
on Facebook and find us on Instagram.
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SOURCE National Grid
