Rise Light & Power, in a new plan called Renewable Ravenswood will redevelop its generating station as a renewable energy hub.
The company, a subsidiary of New York-based private equity investment firm LS Power Group, seeks to take a leading role in the clean energy transition.
LS Power is investing over $160million to achieve a clean energy future. The goal is to reach 100% renewable energy over the next 30 years. The investment will create more than 100 jobs and produce a more reliable, resilient, and cleaner electrical grid in New York State and New Jersey.
With 2,050 megawatts, Ravenswood has since 1963 provided over 20 percent of New York City’s local energy generation. It is the largest power plant in New York, located on 28 waterfront acres in Long Island City, Queens.
The chief executive officer of Rise Light and Power, Clint Plummer, explained how New York City had relied almost exclusively on fossil fuels to power the city for too long. ‘Our future demands innovative and reliable clean energy solutions. We will deliver just that with our bold move to retire Ravenswood’s 1960s-era fossil fuel units and transition to a Renewable Ravenswood in its place.’
The Renewable Ravenswood plan includes replacing a coal-fired power plant with a renewable gateway. It intends to merge wind and solar energy directly into New York City’s electric grid. New York has set a target to retire fossil fuel facilities by 2030, particularly those located near historically disadvantaged communities. This project is in line with the state’s target.
Plummer said, ‘Rise Light & Power’s vision for a Renewable Ravenswood will transform New York’s energy system and help the state achieve its ambitious climate targets.’
The Renewable Ravenswood redevelopment plan contains five programs:
- Offshore Wind: Rise will connect thousands of megawatts of clean energy to the state’s grid by repurposing existing infrastructure and achieving its nation-leading offshore wind goals.
- Upstate Renewables: Rise will increase the potential of homegrown renewables by connecting wind, solar, and other clean energy resources from Upstate to New York City’s electric grid to provide reliable and resilient year-round power.
- Clean Thermal Energy: Towards zero emission, Rise will direct Ravenswood’s river water intake system to provide clean thermal energy to nearby communities.
- Energy Storage: Rise will deploy large-scale battery energy storage for renewable sources directly at the facility site to balance the periodical nature of renewables.
- Just Transition: This will ensure that the workforce keeps their family-sustaining, good-paying jobs. Also, they will employ more people, providing clean energy job training and workforce development opportunities.
‘New York has established nation-leading goals to tackle the climate crisis head-on, with rapid growth in renewables facilitating the energy transition. A Renewable Ravenswood provides a coherent path for realizing the state’s goals for rapid deployment of low-carbon energy resources. It will ensure continued energy security, affordability, and reliability as our economy transitions toward net-zero greenhouse gas emissions,’ said Paul Segal, CEO of LS Power, owner of rising Light & Power.
The state energy regulators and authorities will review formal plans and applications of the company in the coming months. If approved, Ravenswood will supply renewable energy to more than 2 million New York homes while providing clean heating and cooling services.
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