New York to provide USD 15m for improving grid resiliency, efficiency

New York state will allocate up to USD 15 million (EUR 12.1m) in financing to enhance the resiliency, efficiency and overall performance of its power grid in support of its energy storage and renewables goals.

The commitment was announced by governor Andrew M Cuomo on Wednesday and is also aimed at saving energy and costs and addressing climate change issues. The initiative will be administered by the New York State Energy Research and Development Authority (NYSERDA) and will back the development of a “high-performing” smart grid that will be able to accommodate various clean energy capacity and facilitate the overall improvement of the electric grid.

The financing will be distributed following a two-step competitive process, the first round of which will include submission of concept papers by July 18 in four separate categories, namely research studies, engineering studies, product development and demonstration projects.

The funds will come under New York’s USD-5.3-billion Clean Energy Fund.

"I encourage entrepreneurs and clean energy companies to join in New York's mission to lead the nation in protecting the planet by investing in renewable energy and help make our system more resilient against whatever Mother Nature throws our way," Cuomo said.

New York has set a goal of installing 1.5 GW of energy storage capacity by 2025 and producing 50% of its electricity from renewables by 2030. By 2022, it has also pledged to invest USD 110 million to upgrade its electricity network.

(USD 1.0 = EUR 0.809)

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