Britain's National Grid to invest $4 bln in New York infrastructure

Reuters
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March 20 (Reuters) - The U.S. unit of Britain's National Grid said on Wednesday it would invest more than $4 billion to improve New York's infrastructure to meet growing demand for more reliable and cleaner energy.

It would be the company's largest investment in the state's electricity transmission system, most of which was built more than a century ago.

The energy firm said the investment program named "Upstate Upgrade", which includes more than 70 projects through 2030, would generate jobs and more than $1 billion in additional economic gains.

WHY IT'S IMPORTANT

On one hand, electric vehicles and artificial intelligence are boosting power demand, and on the other, the U.S. power grid, strained by storms, floods and heat waves, is struggling to meet existing needs.

Infrastructural improvements to the grid would not only help meet new demand, but also help New York reach its energy transition targets.

The state needs to triple its clean energy supply to meet its goal of an emission-free electric system by 2040.

BY THE NUMBERS

National Grid said it would construct or rebuild more than 1,000 miles of transmission line and 45 substations.

KEY QUOTES

"This six-year portfolio of work will transform the grid, improve reliability and resilience and enable us to deliver renewable energy to homes and businesses across New York," National Grid New York President Rudy Wynter said. (Reporting by Sourasis Bose in Bengaluru; Editing by Shinjini Ganguli)

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