NextEra Energy Transmission submits offshore wind transmission proposals to support New York's clean energy goals

Rhea-AI Summary

NextEra Energy Transmission New York, a subsidiary of NextEra Energy (NYSE: NEE), has submitted several proposals called New York Renewable Connect in response to NYISO's offshore wind energy initiative. These proposals aim to enhance the transmission grid for Long Island and Southeastern New York, supporting the state's renewable energy goals. They include cost containment provisions to minimize financial risk for customers. NextEra has experience with significant projects, including the Empire State Line, which will enable substantial renewable energy imports and contribute to New York's clean energy efforts.

Positive

• Submitted proposals to support New York's offshore wind goals.
• Cost containment provisions to minimize customer financial exposure.
• Strong track record in delivering infrastructure projects on time and within budget.
• Experience with previous successful projects like the Empire State Line.

Negative

• None.

JUNO BEACH, Fla., Nov. 12, 2021 /PRNewswire/ -- NextEra Energy Transmission New York, Inc, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today 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 York achieve 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 Cable subsidiary. 

NextEra Energy Transmission
NextEra Energy Transmission develops, finances, constructs, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in 10 states and six regional transmission organizations, numerous projects under development and construction in the United States, and a project under construction in Ontario, Canada. To learn more, visit www.NextEraEnergyTransmission.com.

 

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SOURCE NextEra Energy Transmission, LLC

FAQ

What are the New York Renewable Connect proposals submitted by NEE?

The New York Renewable Connect proposals by NextEra Energy Transmission aim to enhance the transmission grid for offshore wind energy in Long Island and Southeastern New York.

How do the proposals support New York's clean energy goals?

The proposals reinforce the transmission grid and facilitate the delivery of offshore wind energy, crucial for achieving New York's renewable energy objectives.

What is the significance of cost containment provisions in NEE's proposals?

Cost containment provisions are designed to minimize the financial exposure of New York customers associated with the offshore wind energy projects.

When could a proposal be selected for development by NYISO?

NYISO is expected to evaluate the proposals and may select one for development and construction in the second half of 2022.

What previous projects has NextEra Energy executed in New York?

NextEra Energy has previously undertaken projects like the Empire State Line, which will enable the integration of significant renewable energy capacity.