New York State has set an ambitious goal. The state wants to generate more electricity from renewable energy sources. To achieve the renewable energy goal in New York, a new framework is being created. This incentive structure can only come to fruition if investors are willing to invest in wind energy production. To achieve this goal, a large number of renewable energy companies must build the infrastructure that will drive the energy transition.
1. Offshore wind energy will gain in importance in the coming years.
New York has a vested interest in importing cheap electricity from Quebec at all times. As we mentioned in a previous article, Quebec has huge hydroelectric reserves. Much of the electricity produced in Quebec is exported to New York. We’re talking about surplus electricity here, and a significant amount is not consumed in the other Canadian provinces or Ontario. Power lines need to be adjusted to send more electricity south to New York. This shows the urgency with which New York is making the transition to renewable energy. More renewable energy is produced in New York and on the East Coast to increase the amount of renewable energy. Offshore wind will play a critical role in this effort, adding more power to the grid.
New York is not yet adequately equipped for offshore wind development. New transmission lines need to be built, as well as more offshore wind platforms in nearshore waters. This will help New York and other states harness the power of the wind. New York also needs to find new ways to store excess electricity from wind power. There are several ways to do this. So far, we are still trying to figure out how to store electricity more effectively without incurring large losses.
Just as important is the integration of smart metering into New York’s energy system to meet renewable energy targets. New York’s electricity consumption plays a key role in this effort. One way to reduce our environmental footprint is to reduce electricity consumption. Reducing electricity consumption can also have a positive impact on balancing electricity demand and supply. To do this, we need smarter metering tools. Artificial intelligence and data management will play a central role in driving the transition to renewable energy. This is just one step on the way to a fully functioning smart grid network.
Solar, wind and hydroelectric power will all play an important role in New York’s energy landscape. Each energy source will contribute to the energy transition in its own way.
2. Measuring our carbon footprint.
A second, albeit more long-term, goal is to measure our carbon footprint. Utilities are looking for ways to incorporate such measurements into their electricity pricing models. These models are not yet sophisticated enough and need further refinement. But New York hopes to come up with new, innovative ideas on how to do that.