The 2023-2024 state budget grants the New York Power Authority (NYPA) new powers to develop, own, and operate renewable energy generation projects, either alone or in collaboration with other entities, giving the state Helping to achieve ambitious clean energy goals. This includes generating 70% of state electricity from renewable sources by 2030 and creating a zero-emission statewide power system by 2040. Additionally, the statute provides that the NYPA will lead the state’s efforts to decarbonize the power grid by shutting down fossil-fuel-based power grids. Electricity production at its peaker power plants by 2030. NYPA will also develop action plans to decarbonize facilities in the 15 most emitting states.
“Governor Hochul’s support and continued collaboration with the state legislature has inspired the entire Power Authority team and myself to implement this expanded authority to help the state advance bold climate leadership. is poised to develop renewable energy projects across a broad spectrum, enabling public bodies and NYPA clients to meet their sustainability goals and providing support to disadvantaged communities across New York City. “We are proud of our accomplishments and grateful that the Governor and Congress have placed their trust in the NYPA at this critical time in the energy transition.”
The Power Authority will support key pillars of the new legislation: renewable energy development, new renewable energy access and community help (REACH) programs that benefit disadvantaged communities, worker training, and NYPA peaker plant development. We are formally launching an internal task force responsible for deprecation. One action already underway is the review of the Power Authority’s own assets for renewable development.
“I have instructed Power Authority executives to immediately analyze all NYPA-owned land for potential renewable development opportunities,” said Driscoll. “I will use every tool at my disposal to ensure that the Department of Power leads efforts to advance the Governor’s bold climate priorities for the benefit of all New Yorkers.”
After a public comment process that includes stakeholder engagement and public hearings, the NYPA will undertake extensive work towards the issuance of an initial two-year strategic plan outlining its strategy and proposed renewable projects. let’s start doing …. This plan will be updated at least annually after public comment.
In addition, the Power Authority will lead the power generation sector by developing and publishing an action plan within the next two years to deliver on its commitment to phase out electricity production from fossil fuel peaker power plants. increase. NYPA will also review the suitability of plants and sites for use in renewable generation, energy storage, or grid support needs.
The law also authorizes the NYPA to work with the Public Service Commission (PSC) to help disadvantaged communities with the new REACH program. REACH will allow low- and middle-income electricity consumers to receive billing credits through the production of renewable energy products developed by or for the NYPA in New York, and will break the state’s grid. Making electricity more economical for more New Yorkers while helping carbonize. Additionally, the statute authorizes the NYPA to contribute up to $25 million annually to the Department of Labor (DOL) for workforce development in the renewable energy sector.
NYPA expects to be able to access new and existing federal tax credits provided by the Reducing Inflation Act of 2022 to lower the cost of certain renewable energy projects conducted under the Act . IRA tax credits, such as investment tax credits and production tax credits, are now paid directly to governments and tax-exempt entities like the NYPA.
NYPA will also leverage its energy services and engineering expertise to help the 15 state facilities with the highest emissions by developing facility decarbonization action plans. Action Plan Accelerates State Progress Towards Cleaner Building Sector, Helps Create Quality Jobs in Future Decarbonization Projects Including Thermal Energy Networks, and Brings State Closer to Meeting Climate Goals .
Notice from NYPA