New York Unveils Largest Recorded Renewable Energy Investment To Date

Governor Kathy Hochul has unveiled New York’s most substantial investment in renewable energy to date, featuring a total of 6.4 gigawatts (GW) of clean energy through three offshore wind projects and 22 land-based renewable energy initiatives.

Once operational, these offshore wind and land-based projects will generate approximately 19 million megawatt-hours (MWh) of fresh renewable energy annually. This ambitious portfolio, coupled with the establishment of two prominent offshore wind blade and nacelle manufacturing facilities, is projected to foster the creation of roughly 8,300 jobs and attract $20 billion in economic development investments throughout the state. These investments also include commitments to support underprivileged communities.

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This announcement bolsters New York’s commitment to achieving its goal of sourcing 70% of its electricity from renewable sources by 2030 and achieving 9 GW of offshore wind capacity by 2035, in line with the Climate Leadership and Community Protection Act’s mandate for a zero-emission grid. With these additions, New York will have enough renewable energy projects in operation, under contract and under development to fulfil 79% of the state’s electricity needs by 2030.

The three offshore wind projects announced are:

Attentive Energy One – (1,404 MW), developed by Total Energies, Rise Light & Power and Corio Generation. This project features an innovative plan to repurpose fossil fuel facilities in Queens, aiming to retire fossil fuel-based power generation in New York City and transition the existing workforce to clean energy employment.

Community Offshore Wind – (1,314 MW), developed by RWE Offshore Renewables and National Grid Ventures. This project incorporates a new grid interconnection developed by Con Edison in downtown Brooklyn.

Excelsior Wind – (1,314 MW), developed by Vineyard Offshore (Copenhagen Infrastructure Partners). This project offers various cable route options to ensure reliable energy delivery to Long Island, capitalising on the electric grid expansion facilitated through the Long Island Public Policy Transmission Need outcome.

All three projects are expected to commence commercial operations in 2030. The estimated average impact on customer bills over the projects’ lifespans will be around 2.73%, equivalent to about $2.93 per month, as per the New York State Energy Research and Development Authority (NYSERDA). The average all-inclusive development cost of the awarded offshore wind projects throughout their contract terms is $96.72 per megawatt-hour.

Furthermore, New York has also announced a new set of conditional land-based, large-scale renewable awards, encompassing 14 solar projects, 6 wind repowering projects, 1 new wind project and 1 return-to-service hydroelectric project, with a combined capacity of 2,410 MW. The anticipated average impact on customer bills over the projects’ lifespans will be approximately 0.31%, roughly $0.32 per month, according to NYSERDA. The average all-inclusive development cost of the Tier 1 projects throughout their contract terms is $60.93 per megawatt-hour.