US utility Con Edison has announced its new Clean Energy Commitment, which will see the company invest billions in grid decarbonisation and resilience, as well as get ready for future business models in New York State.
The Clean Energy Commitment is based on five key pillars including:
- Build the grid of the future;
- Empower all customers to meet their climate goals;
- Reimagine the gas system;
- Lead by reducing our company’s carbon footprint;
- Partner with our stakeholders.
The new plan will enable Con Edison to provide New York customers with 100% renewable energy from 2040.
The company says the plan will help improve customer services through grid modernisation and accelerate the transition away from fossil fuels, while bringing economic, social, and environmental benefits to consumers.
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The plan includes:
- Electrifying the company’s light-duty vehicle fleet by 2035.
- Investing $2 billion to enhance grid resilience against harsh weather by 2030. The projects will include the installation of underground cables to replace overhead lines. The company’s storm-hardening projects have avoided more than 680,000 customer outages to date.
- Increase investments in decarbonisation and energy efficiency of buildings. Some 150,000 buildings will be electrified by 2030.
- The installation of 400,000 chargers for EVs by 2035, and more than 1 million chargers by 2050.
- Up to $1 billion will be invested to modernise the energy transmission network by 2030 to ensure the lines are able to transport an increasing amount of renewables capacity.
- Up to $1 billion will be invested by 2023 on large wind and solar projects.
- The utility says it will invest in the deployment and operation of 1000MW of battery storage capacity to address renewables intermittency and fluctuations as well as to make use of energy flexibility for grid stability.
- Through the Reliable Clean Cities projects, will build ‘Clean Energy Hubs’ to expand distributed energy resources capacity.
- Up to $100 million will be directed towards research and development of innovative technologies including energy storage and hydrogen.
Tim Cawley, the CEO of Con Edison, said: “The challenge of climate change demands new ways of producing, delivering and using energy.
“From connecting offshore wind farms, to making it easier for our customers to install solar panels or switch to electric vehicles, we are building clean, flexible and resilient energy infrastructure in New York and across the country.”
Susanne DesRoches, Regulatory Director, Energy Policy, New York City Office of Climate and Sustainability, added: “The City of New York is pleased to see the release of Con Edison’s expanded Clean Energy Commitment which aligns with our goal for carbon neutrality by 2050.”
Find out more about Con Edsion’s commitment.