Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Moving NY to clean energy is top 2023 challenge - NY Power Authority head

Published 04/24/2023, 01:43 PM
Updated 04/24/2023, 06:01 PM
© Reuters. FILE PHOTO: The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. REUTERS/Mike Segar
NG
-

NEW YORK (Reuters) - Switching to clean energy from natural gas-fired electricity is the New York power industry's top challenge this year, New York Power Authority's chief executive said on Monday.

"That's the biggest challenge, I think, that we and the industry faces," said Justin Driscoll, who heads the nation's largest state-owned electric utility, at the BNEF Summit.

New York State has set a target of generating 70% of its electricity from renewable sources like wind, solar and hydropower by 2030 and 100% zero-emission electricity a decade later.

© Reuters. FILE PHOTO: The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. REUTERS/Mike Segar

As of last year, natural gas-fired power plants accounted for nearly three-fifths of New York's generating capacity, according to the Energy Information Administration.

Maintaining grid reliability, while moving natural gas plants offline will be a top challenge this year, Driscoll said. The state is also looking to expand its hydropower capabilities and battery storage as key measures to reaching its climate-driven goals, he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.