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New York’s electric grid will face supply shortfalls if the rate of retiring power plants fired by fossil fuels continues to outpace the addition of clean new energy supply while demand rises, the New York Independent System Operator said Thursday in its annual reliability report.
In the five years since New York set a goal of 100% clean energy on its grid by 2040, the state lost 5,207 MW of fossil-fired power supply while gaining 2,256 MW of clean energy sources such as wind and solar, NYISO reported.
At the same time, New York has at least 10 very large power load projects, including data centers and semiconductor factories, expected to be up and running in the next two years, including the Micron NY Semiconductor plant, which will require 480 MW of capacity, the report said.
The grid operator said more spending on transmission and other elements of the state’s electrical network, and streamlining the regulatory process to build infrastructure, will be part of what is needed to avoid blackouts and rising power costs over the next decade.
Potentially relevant stocks include Consolidated Edison (NYSE:ED), PSEG (PEG), National Grid (NGG), National Fuel Gas (NFG).
