On October 22, 2012, New York Governor Andrew Cuomo released a state energy plan that recommends $5.7 billion in private investment to add 3,200 megawatts (MW) of electricity generating and transmission capacity.
The plan, referred to as the New York Energy Highway Blueprint, recommends $250 million in state funding to leverage an additional $425 million in private investments in renewable energy projects. The projects would generate about 270 MW of power.
The plan also calls for $1 billion in private investment to develop an additional 1,000 MW of new electricity transmission capacity, $250 million to develop smart grid technologies, and the study of offshore wind development in the Atlantic Ocean.
The plan, which was developed by a state interagency task force, calls for expedited implementation of the recommended actions.
Other recommendations in the plan include: (1) setting up an incentive fund to reduce emissions of greenhouse gases and particulate matter by power plants; (2) making $1.5 billion in investments to modernize existing power plants; and(3) using between $1 billion and $2 billion to develop and implement plans to replace 1,200 MW of power from the retirement of existing power plants.