National Grid Announces $75 Billion Investment for US and UK Energy Upgrades
National Grid has unveiled a plan to invest approximately $75 billion over the next five years across its service areas in the UK and the US. Nearly half of this investment will go towards enhancing the energy infrastructure in Massachusetts and New York. This commitment, which totals around $35 billion for the US, represents a more than 60% increase compared to the previous five years. This initiative positions National Grid as a leading investor in the Northeast’s energy transition, underlining the company’s dedication to helping both states achieve their climate objectives and stimulate economic growth.
John Pettigrew, Group CEO of National Grid, stated, “Today’s announcement underscores our commitment to achieving the ambitious decarbonization targets set by the governments of New York and Massachusetts. Our increased investment follows productive discussions with state regulators and reflects a shared goal of upgrading the electricity networks to ensure long-term, affordable energy and reduced emissions.”
The US Department of Energy (DOE) notes that inadequate transmission infrastructure can lead to higher electric bills and more frequent, prolonged power outages. Preliminary results from the DOE's National Transmission Needs Study indicate that enhancing transmission in the New York-New England corridor would not only improve reliability but also meet the region's growing electricity demands. The study suggests a 255% increase in transmission development is necessary to support the clean energy growth anticipated by New York and Massachusetts policies.
With this new investment, National Grid aims to drive economic growth in New York and Massachusetts, expecting to support 127,000 jobs by the end of the decade. In New York alone, the company plans to invest around $21 billion by 2029. This includes the Upstate Upgrade, encompassing over 70 transmission projects across Upstate New York, which will enhance grid reliability, resilience, and the delivery of renewable energy. This initiative will also create thousands of jobs and further economic growth while meeting the increasing electricity demand.
Rudy Wynter, President of National Grid New York, emphasized, “This major investment will transform the energy grid to meet rising energy needs and is essential for supporting the clean energy transition. The funds allocated for these upgrades are crucial for delivering renewable energy to New York homes and businesses.”
In New England, National Grid plans to invest roughly $14 billion over five years. This includes implementing smart meters to help consumers manage energy usage, building and upgrading energy infrastructure to withstand extreme weather, and maintaining existing gas and transmission assets. The Massachusetts Electric Sector Modernization Plan (ESMP) is one of the proposed projects aimed at enhancing the electric grid, accelerating renewable connections, and promoting energy efficiency programs.
Lisa Wieland, President of National Grid New England, stated, “Our investment demonstrates our commitment to helping Massachusetts meet its climate and clean energy goals. This is crucial for transforming the energy landscape, building new infrastructure, and delivering a smarter, stronger, cleaner, and more equitable electric network.”
Additionally, National Grid has proposed a three-year plan to modernize the Downstate gas businesses, focusing on reducing emissions and improving reliability. This includes targeting disadvantaged communities and accelerating gas main replacements, with a goal of replacing 45 miles per year in New York City and 119 miles per year on Long Island. Since 2013, National Grid has replaced 1,500 miles of gas main, reducing emissions by 102,385 metric tons of CO2e, equivalent to taking 22,257 cars off the road.
*Based on a £1 to $1.25 exchange rate
John Pettigrew, Group CEO of National Grid, stated, “Today’s announcement underscores our commitment to achieving the ambitious decarbonization targets set by the governments of New York and Massachusetts. Our increased investment follows productive discussions with state regulators and reflects a shared goal of upgrading the electricity networks to ensure long-term, affordable energy and reduced emissions.”
The US Department of Energy (DOE) notes that inadequate transmission infrastructure can lead to higher electric bills and more frequent, prolonged power outages. Preliminary results from the DOE's National Transmission Needs Study indicate that enhancing transmission in the New York-New England corridor would not only improve reliability but also meet the region's growing electricity demands. The study suggests a 255% increase in transmission development is necessary to support the clean energy growth anticipated by New York and Massachusetts policies.
With this new investment, National Grid aims to drive economic growth in New York and Massachusetts, expecting to support 127,000 jobs by the end of the decade. In New York alone, the company plans to invest around $21 billion by 2029. This includes the Upstate Upgrade, encompassing over 70 transmission projects across Upstate New York, which will enhance grid reliability, resilience, and the delivery of renewable energy. This initiative will also create thousands of jobs and further economic growth while meeting the increasing electricity demand.
Rudy Wynter, President of National Grid New York, emphasized, “This major investment will transform the energy grid to meet rising energy needs and is essential for supporting the clean energy transition. The funds allocated for these upgrades are crucial for delivering renewable energy to New York homes and businesses.”
In New England, National Grid plans to invest roughly $14 billion over five years. This includes implementing smart meters to help consumers manage energy usage, building and upgrading energy infrastructure to withstand extreme weather, and maintaining existing gas and transmission assets. The Massachusetts Electric Sector Modernization Plan (ESMP) is one of the proposed projects aimed at enhancing the electric grid, accelerating renewable connections, and promoting energy efficiency programs.
Lisa Wieland, President of National Grid New England, stated, “Our investment demonstrates our commitment to helping Massachusetts meet its climate and clean energy goals. This is crucial for transforming the energy landscape, building new infrastructure, and delivering a smarter, stronger, cleaner, and more equitable electric network.”
Additionally, National Grid has proposed a three-year plan to modernize the Downstate gas businesses, focusing on reducing emissions and improving reliability. This includes targeting disadvantaged communities and accelerating gas main replacements, with a goal of replacing 45 miles per year in New York City and 119 miles per year on Long Island. Since 2013, National Grid has replaced 1,500 miles of gas main, reducing emissions by 102,385 metric tons of CO2e, equivalent to taking 22,257 cars off the road.
*Based on a £1 to $1.25 exchange rate
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