NORTHAMPTON, MA / ACCESSWIRE / July 3, 2024 / National Network

National Grid has announced plans to invest an estimated $75 billion* in the company's UK and US service territory over the next five years, with nearly half of the funds dedicated to US energy system improvements in Massachusetts and New York. This significant increase to around $35 billion* represents an increase of more than 60% of National Grid's investments in the region over the past five years. Today's announcement makes National Grid one of the largest investors in the Northeast's energy transition and underscores the company's commitment to helping both states meet their climate goals and achieve economic growth.

John Pettigrew, Group CEO of National Grid, said: “Today's announcement is a clear sign that National Grid is committed to playing its part in achieving the ambitious decarbonisation goals set by the governments of New York and Massachusetts. The increased investment we are announcing today is the result of positive discussions with our regulators in those states and reflects a commitment to modernising electricity grids to deliver affordable energy for all in the long term and to reducing emissions in our gas networks.”

According to the U.S. Department of Energy (DOE), a lack of transmission infrastructure can directly lead to higher electricity bills and more frequent and longer power outages. Preliminary results from the DOE's National Transmission Needs Study also found that expanding new transmission networks in the New York-New England corridor would not only improve reliability but also meet the region's increasing electricity demand. The federal analysis found that the region needs a 255% expansion of transmission networks to support the clean energy growth expected under New York and Massachusetts' policies.

Through the investment announced today, National Grid will stimulate economic growth in New York and Massachusetts. National Grid will support 127,000 jobs by the end of the decade.

In New York, National Grid is investing approximately $21 billion* between now and 2029. These investments include the Upstate Upgrade, which includes more than 70 projects to improve transmission performance throughout 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 create thousands of new jobs and generate additional economic growth while ensuring the grid can meet growing electricity demand.

“This groundbreaking investment will transform the energy grid to meet growing energy demands and is a much-needed piece of the puzzle to support the transition to clean energy,” said Rudy Wynter, President of National Grid New York. “The money we are spending on these upgrades is necessary to deliver renewable energy to homes and businesses across New York.”

In New England, our investment will total approximately $14 billion over five years*. As part of this investment, National Grid will implement innovative solutions such as smart meters to help consumers manage their energy use; build modern energy infrastructure; construct and modernize infrastructure to make it less vulnerable 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 pave a path to modernize and expand the electric grid, accelerate the integration of renewable energy into the grid, and introduce new customer programs to promote energy efficiency and the use of clean energy.

“National Grid is making clear that we are a committed partner in helping Massachusetts meet its climate and energy goals,” said Lisa Wieland, president of National Grid New England. “The investment is essential to transforming the energy ecosystem, building new and expanded infrastructure, and delivering an electric grid that is fundamentally smarter, stronger, cleaner, and more equitable than today.”

In addition to the transmission investments, National Grid has proposed a three-year capital investment plan to modernize Downstate gas utilities, reduce emissions, and make them more resilient and reliable. This includes a focus on disadvantaged communities and accelerating gas main replacements to reduce emissions, 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 mains, reducing system emissions by 102,385 metric tons of CO2e, the equivalent of removing 22,257 cars from the road.

*Based on an exchange rate of £1: $1.25

About National Grid

National Grid (NYSE:NGG) is an electricity, natural gas and clean energy company serving more than 20 million people through its grids in New York and Massachusetts. National Grid is focused on building a smarter, stronger and cleaner energy future – we are transforming our grids with more reliable and resilient energy solutions to meet state climate goals and reduce greenhouse gas emissions.

For more information, visit our website, follow us on X (formerly Twitter), watch us on YouTube, like us on Facebook and find us on Instagram.

Media contacts

Mary-Leah Messenger
Massachusetts
(781) 907-3980
E-mail
Emily Demarest
Massachusetts
(781) 907-3980
E-mail

Projects across the Northeast will stabilize the grid, reduce emissions and bring significant benefits to customers and local economies

View additional multimedia content and more ESG storytelling from National Grid at 3blmedia.com.

Contact information:
Speaker: National Grid
Website: https://www.3blmedia.com/profiles/national-grid
E-mail: [email protected]

SOURCE: National Network