Bloomberg will build two new major electricity transmission lines to help the state meet its ambitious climate goals, which include getting 70% of its power from renewable sources by the end of the decade.
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One line will run 174 miles 280 kilometers from upstate New York to Delaware County and will be built by the New York Power Authority, Invenergy LLC and EnergyRe LLC. Another will stretch 339 miles from Queens to Quebec and will be built by Blackstone Hydro-Quebec and Transmission Developers Inc., backed by Hydro-Qu Bec, according to a statement on Monday.
Governor Kathy Hochul announced the projects in preparation for Climate Week NYC conference, which will happen before the U.N. climate Conference and is a start of the second world climate conference. New transmission lines will supply New York City with electricity produced by wind, solar and hydropower plants as both New Jersey State and the U.S. have set aggressive goals to reduce carbon emissions and transition to cleaner energy sources.
Time is rapidly passing. If we re going to save the planet, let's save the planet now, Hochul said at the event.
The lines will move enough power for over 2.5 million homes and reduce greenhouse gas emissions by 77 million metric tons over the next 15 years, which is equivalent to taking a million cars off the road, according to the statement. Both lines will be buried to make them more resilient to storms. Construction is expected to begin next month for Delaware County and in 2027 for the line from Quebec pending regulatory approval.
Hochul also said the state wants to install at least 10 gigawatts of distributed solar power by 2030, expanding on the earlier target of six gigawatts by 2025.
Our project provides exceptionally priced renewable energy, said Bilal Khan, a senior managing director of Blackstone Energy Partners, in an interview Monday. As other real estate owners look to go greener, we are a really nice opportunity for them. Is the transmission line effective for investors and developers of New York City? The city announced a local emissions cap in 2019 known as the stringent law 97, which would require large buildings to reduce carbon emissions by 40% by 2030.
With thousands of costly buildings littering the city s skyline that will be a costly change: around $20 billion in retrofit costs alone, according to Urban Green Council. The electric grid, which is largely powered by fossil fuels in Manhattan, also affects this equation.
When we studied how the Local Law 97 formulas were created, it was really dependent on the makeup of the downstate grid, said Jeff Blau, Chief Executive Officer of Related Cos. and founding partner of EnergyRe, in June in June. With this project, it s really providing a mechanism to bring newly produced renewables outstate. Four Guys, Just Get Me a Box Inside the Brutal Realities of Supply Chain Hell.