💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

New York adds 300 MW transmission line from Rainey to Corona

Published 05/03/2023, 03:46 PM
Updated 05/03/2023, 06:06 PM
© Reuters. FILE PHOTO: New York Governor Kathy Hochul celebrates at her U.S. midterm election night party after winning re-election in New York, New York, U.S. November 8, 2022.   REUTERS/Brendan McDermid
ED
-

(Reuters) - A new 300-megawatt (MW) Con Edison Rainey-to-Corona transmission line, which can power 240,000 average-sized homes in New York City's Queens borough, has been energized, New York Governor Kathy Hochul said on Wednesday.

The six-mile-long (10 km-long) line is part of the Reliable Clean City projects that will add 900 MW of transmission capacity across the city by 2025, retiring several fossil-fuel power plants used during peak demand hours and meeting rising clean energy demand.

The work in Queens accounts for $275 million of the $800 million Con Edison is investing in these projects. Con Edison is a unit of New York energy company Consolidated Edison Inc (NYSE:ED).

The other projects include transmission lines from Gowanus to Greenwood and Goethals to Greenwood.

© Reuters. FILE PHOTO: New York Governor Kathy Hochul celebrates at her U.S. midterm election night party after winning re-election in New York, New York, U.S. November 8, 2022.   REUTERS/Brendan McDermid

"With this critical new transmission line, we are enhancing and upgrading New York City's electric grid and enabling the continued development of renewable energy," Governor Hochul said.

The projects are needed for reliability in 2023 and 2025 and to address deficiencies in two of Con Edison's transmission load areas because of the retirement or unavailability of older, air-polluting power plants, the governor's office said in a press release.

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.