NextEra Energy Transmission New York, Inc, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), announced that it has submitted multiple proposals, collectively the New York Renewable Connect, in response to the New York Independent System Operator's (NYISO) Long Island Offshore Wind Public Policy Transmission Need. The proposals help New York meet its offshore wind energy goals by reinforcing the transmission grid on Long Island and into Southeastern New York.
"For nearly 20 years, NextEra Energy companies have been supporting New York's energy needs," said Eric Gleason, president of NextEra Energy Transmission. "As the largest generator of renewable energy from the wind and the sun in the world, and the leader in competitive electric transmission, we support and applaud New York's clean energy goals."
The transmission proposals submitted accommodate varying levels of Long Island offshore wind injections. Each proposal has been designed to ensure reliable and cost-effective delivery of offshore wind energy for New York electric customers. The proposals include cost containment provisions which minimize New York customer financial exposure; and reflect NextEra Energy Transmission's confidence in its ability to deliver, given its strong track record of delivering significant infrastructure projects on time and on budget. NYISO will be looking at a variety of factors to evaluate the strength of each proponent's submission and could select a proposal in the second half of 2022 to move forward with development and construction.
NextEra Energy is no stranger to transmission projects in New York. NextEra Energy Transmission New York was awarded the Empire State Line project in 2017. The Empire State line project will enable 2,700 megawatts of renewable energy and 1,000 megawatts of import from Ontario. The Empire State Line is an important factor in helping New Yorkachieve its renewable energy goals.
No company is better positioned to support the development, construction and operation of a large transmission network than NextEra Energy Transmission. NextEra Energy companies provide a unique combination of technical, financial and operational capabilities that are unmatched in the industry. NextEra Energy Transmission has been awarded and is developing more competitive transmission projects in North America than any other company. In addition, the company has valuable experience operating subsea transmission lines through its Trans Bay Cablesubsidiary.
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