Gargolas/iStock via Getty Images
National Grid’s (NYSE:NGG) U.S. unit said Wednesday it plans to spend more than $4B to improve New York’s infrastructure over the next six years, its largest-ever investment in the state’s electricity transmission system, most of which was built more than 100 years ago.
The U.K.-based utility said the program named “Upstate Upgrade,” which includes more than 70 projects through 2030 that would construct or rebuild more than 1,000 miles of transmission line and 45 substations.
The company said the program would generate thousands of new jobs and more than $1B in additional economic growth, while delivering “a smarter, stronger, cleaner energy grid for generations to come.”
New York has said it needs to triple its clean energy supply to meet its goal of an emission-free electric system by 2040.
Earlier this week, National Grid (NGG) unveiled plans to spend $74B to improve the U.K.’s electricity grid by 2035 to accommodate expected demand growth.
