Weekly Energy Video Week 4 Feb 2024: ISO-NE Says $1 Bn Annual Grid Investments May Be Necessary Through 2050

Grid operator ISO-New England says substantial investments in grid infrastructure – up to $1 billion annually through 2050 – will be necessary to accommodate supply side renewables as well as end-use technologies such as EVs and heat pumps.

New England’s offshore Vineyard Wind project is delivering 68 MW from its first 5 turbines, up from 5 MW in January, with another 738 MW still to come on-line. Nine of its planned 62 turbines in the water, while the 10^th is currently being installed.

The Bureau of Ocean Energy Management approves Equinor’s Construction and Operations Plan for 810 MW Empire Wind project to serve New York. Construction is set for later this year, with first power deliveries by 2026.

The Orsted/Eversource JV’s 132 MW South Fork Wind installed the last of its 11 turbines on February 20, and should be fully commissioned in coming months.

California’s Public Utilities Commission adopts a plan for development of over 56,000 MW of renewable generation by 2035, as part of effort to cut carbon emissions.  The plan includes a broad range of renewable and storage resources.

New York City adds 7,532 EVs to Lyft and Uber fleet since last October, when its Green Rides effort was initiated. Current total exceeds 10,090 EVs, roughly 12% of the city’s Lyft and Uber population.

A total 105,258 plug-ins hit U.S. streets in January 2024, up 18.9% from January 2023, and representing 9.78% of total light duty vehicles sold. The U.S. EV total now stands at 4.8 million since 2010. U.S. battery manufacturers announced projects can supply around 10 million new plug-ins each year by 2030.

While Ford and GM slow their EV roll somewhat, Stellantis charges ahead, recording positive EV margins in the midst of record-breaking 2023 corporate profits. EV margins are not yet in line with conventional vehicles, but inching closer.