National Grid (NYSE: NGG) on March 20 announced it plans to invest more than $4 billion to “transform its energy delivery system and propel economic growth across Upstate New York.” Referred to as the Upstate Upgrade, National Grid describes it as a “collection of transmission-enhancement projects [that] will deliver a smarter, stronger, cleaner energy grid […]
National Grid (NYSE: NGG) on March 20 announced it plans to invest more than $4 billion to “transform its energy delivery system and propel economic growth across Upstate New York.”
Referred to as the Upstate Upgrade, National Grid describes it as a “collection of transmission-enhancement projects [that] will deliver a smarter, stronger, cleaner energy grid to support a more resilient energy network for generations to come.”
The company says it’s embarking on more than 70 projects through 2030 that will “generate thousands of new jobs” and more than $1 billion in additional economic growth, while “ensuring the energy grid is able to meet customers’ growing demand for electricity.” “The Upstate Upgrade represents a landmark investment and speaks to how National Grid is reinforcing the grid to meet our customers’ growing energy needs while leading the clean energy transition,” Rudy Wynter, president of National Grid New York, said in the announcement. “This six-year portfolio of work will transform the grid, improve reliability and resilience and enable us to deliver renewable energy to homes and businesses across New York.”
The effort seeks to help reach the state’s climate goals as outlined in New York’s Climate Leadership and Community Protection Act, National Grid said and make the grid more resilient during extreme-weather events such as blizzards, tornadoes, and severe windstorms. “Recent economic development announcements in the Syracuse region and across Upstate demonstrate that the reliability of New York’s electric grid and the availability of abundant, clean energy is a competitive advantage, nationally and globally,” Robert Simpson, president and CEO of CenterState CEO, said in the National Grid announcement. “The Upstate Upgrade will support New York’s increasing demand for electricity and encourage further investment and growth with a more efficient and resilient grid. With billions of dollars in new investment, and thousands of jobs generated directly and indirectly from National Grid’s efforts, the Upstate Upgrade will help our businesses thrive and communities prosper.” Crews will work on reinforcing and upgrading infrastructure like transmission lines and substations, National Grid said.
The utility also believes the Upstate Upgrade will benefit local economies by bringing more than 1,700 new construction jobs and associated residual spending to local communities. The residual spending will create thousands of additional jobs, and at least $1.9 billion in overall economic output during and after construction, National Grid contends, citing a third-party analysis performed by the consultancy West Monroe. The analysis also forecasts that Upstate Upgrade will create up to 2 percent economic growth in the project areas through 2030. “We commend National Grid for their ambitious Upstate Upgrade initiative, a testament to their commitment to building a smarter, stronger, and cleaner energy grid for the Mohawk Valley and Upstate New York,” Nicholas Bruno, VP of business development at Mohawk Valley EDGE, said in the announcement. “These upgrades bolster our local economies by contributing to the Marcy Nanocenter’s prospective success, providing opportunities for additional industrial sites, creating new jobs, increasing property taxes, and ultimately contributing to a sustainable future aligned with New York’s CLCPA goals. By prioritizing economic development and community engagement, National Grid sets a commendable example of corporate responsibility and partnership that Mohawk Valley EDGE applauds, and we look forward to seeing the results of their efforts.”
Garry Douglas, president of the North Country Chamber of Commerce, added, “Ample and reliable power in the North Country has never been more important than it is now with the major transition to electric from other energy sources and with economic development opportunities increasingly needing larger scale power access. That’s why National Grid’s Upstate Upgrade is so welcome and important. It is a very timely and indisputably crucial investment in sustaining and growing our regional economy in the years ahead and we thank National Grid for this historic commitment.” National Grid says it is the largest energy delivery company in upstate New York, serving electricity to 1.7 million electricity customers across 25,000 square miles.