Unprecedented Level of Investments Needed to Achieve New York’s Climate Policy: NYISO Outlook

The New York Independent Systems Operator on Sept. 22 released its 2021-2040 System and Resource Outlook providing a comprehensive overview of potential resource development over the next 20 years and potential pathways for transmission and supply investments to transition to a reliable zero-emissions power grid.

The report notes that unprecedented levels of investment are required to develop and build renewable energy infrastructures if New York is to achieve its ambitious targets under the 2019 Climate Leadership and Community Protection Act. Among the key findings, the report underscores that an additional 20 gigawatts of renewable energy must be in operation by 2030 if the state is to achieve its 70 percent renewable energy target. Several transmission needs will arise within the next two decades, calling for extensive and widespread investment in renewable energy transmission infrastructure.

The outlook emphasizes that research and development of dispatchable-emission-free resources must be advanced before 2040. The report also recommended awareness of changes in the energy industry and continuous review of progress to achieve policy objectives. The grid operator needs to update its models and databases with new knowledge constantly. To advance the state’s renewable energy objectives, comprehensive planning, monitoring, assessment, and aggregation of significant power infrastructure investments are necessary to implement legislation on emissions reductions and, subsequently, its elimination.

The report also notes that state agencies should plan for a more detailed procurement schedule for renewable resources to facilitate long-term system planning so as to ensure clarity to the market.