NYS Resources Can Replace Indian Point
Ample power supply will be available cost-effectively by 2021
Albany, NY - As the New York State Senate and Assembly hold a joint hearing on the announced closure of the Indian Point Energy Center, the Independent Power Producers of New York (IPPNY) today released a fact sheet looking at the reliability impacts of the closure, as well as possible replacement options.
Due to appropriate market signals in the Lower Hudson Valley Capacity Zone, a number of electric generating facilities have either come back online or are currently under development in the region. As a result of these investments, there are ample resources capable of cost-effectively replacing Indian Point's electric capacity by 2021.
IPPNY President & CEO Gavin J. Donohue said, "Indian Point's closure has very real implications for residents of the Lower Hudson Valley and New York City and will need to be studied accordingly. But thanks to the Lower Hudson Valley Zone, which was put in place a few years back, 1,000 megawatts have come back online in that area, saving ratepayers $400 million in capacity costs. And now, because the right market signals are in place, there are two natural gas facilities - one at 650 megawatts and one at 1,000 megawatts - currently under construction."
Donohue continued, "Independent electric generators - who pay hundreds of millions in taxes and employ thousands - have routinely made investments in New York for the benefit of its citizens, and the closure of Indian Point will once again provide an opportunity for new investment, creating much-needed jobs for New Yorkers and tax revenues for local communities. New York's competitive wholesale electricity marketplace allows for such investments to happen efficiently and cost-effectively, giving us a reliable and diverse electric system."
There are multiple power and transmission projects completed, planned and currently under development which are capable of replacing the entirety of Indian Point's capacity by or near 2021. Among these projects are the CPV Valley Energy Center in Wawayanda and the Cricket Valley Energy Center in Dover.
IPPNY's full fact sheet can be viewed online here: http://bit.ly/2mwPNvi
IPPNY is an Albany-based trade association representing the competitive power supply industry in New York State. IPPNY Members generate over 75 percent of New York's electricity using a wide variety of generating technologies and fuels including hydro, nuclear, wind, coal, oil, natural gas and biomass. They have invested over $10 billion in their facilities and employ over 10,000 people. Annually, they pay over $600 million in taxes and invest more than $55 million in their communities.