National Grid will invest $75 billion in the UK and US over five years

National Grid has announced plans to invest $75 billion in the UK and US over the next five years, with almost half of the funds going to improvements to US energy systems in Massachusetts and New York.

This significant step towards approximately $35 billion in investment represents an increase of more than 60 percent in National Grid investment in the region over the past five years.

John Pettigrew, group chief executive of National Grid, said: “The increased investment we are announcing follows positive engagement with our regulators in these states and reflects a desire to modernize electricity networks to ensure affordable long-term energy for all and reduce emissions on our gas networks. “

According to the U.S. Department of Energy (DOE), a lack of transmission infrastructure can directly contribute to higher electricity bills and more frequent and longer power outages.

Preliminary findings from DOE’s National Transmission Needs Study also showed that developing new transmission in the New York-New England corridor will not only improve reliability but also support the growing demand for electricity in the region.

A federal analysis found the region needs a 255 percent increase in transmission development to support the clean energy expansion expected under New York and Massachusetts policies.

National Grid will unlock economic growth in New York and Massachusetts. By the end of the decade, the National Network will support 127,000 jobs.

In New York, National Grid will invest approximately $21 billion between now and 2029. These investments include Upstate Upgrade, which includes more than 70 transmission improvement projects in upstate New York.

“This investment will transform the power grid to meet growing energy needs and is a much-needed piece of the puzzle supporting the clean energy transition,” said Rudy Wynter, president of National Grid New York. “The money we spend on these upgrades is essential to bringing renewable energy to homes and businesses across New York.”

In New England, the five-year investment will be $14 billion. National Grid will deploy innovative solutions such as smart meters to help consumers manage their energy use; build modernized energy infrastructure; build and modernize infrastructure to make it less vulnerable to extreme weather events; and maintaining and improving the quality of existing gas and transmission assets.

The Massachusetts Electric Sector Modernization Plan (ESMP) would create a path to modernize and expand the electric grid, accelerate the connection of renewable energy sources to the grid, and introduce new customer programs to encourage energy efficiency and clean energy.

“National Grid makes it clear that we are a committed partner in helping Massachusetts achieve its climate and clean energy goals,” said Lisa Wieland, president of National Grid New England.

In addition to transmission investments, National Grid has proposed a three-year investment plan to modernize downstate gas utilities. This includes focusing on disadvantaged communities and accelerating the replacement of gas mains to reduce emissions, with a target replacement rate of 45 miles per year in New York and 180 miles per year on Long Island.

Since 2013, National Grid has replaced 2,500 miles of gas main, reducing system emissions by 102,385 metric tons of CO2e, the equivalent of taking 22,257 cars off the road.