New York State is poised to spend an enormous $30 billion on its power grid in the coming decade, up sharply from $17 billion spent in the last decade, said Richard Kauffman, chairman of energy and finance for Gov. Andrew M. Cuomo.
To curb anticipated future grid spending, there must be a sharp increase in the use of the electric grid and a full scale energy revolution.
Grid capacity utilization now stands at 54 percent - much lower than most capital intensive industries which log up to 85 percent or so capacity utilization Kauffman said last week in an exclusive webcast with The Energy Times.
A key factor of New York's REV - or Reforming the Energy Vision - initiative is to lead the state to increased reliance on renewables, distributed generation and efficiency to improve the state's energy sector, address climate change and promote economic growth, Kauffman said.
New York state has launched a $1 billion effort to develop a vibrant solar sector - which has now grown to 538 solar companies employing more than 7,000 Kauffman said.
"Meaningful culture change is here to stay," he said.
Please listen in to the one-hour webcast discussion, Driving the New York Energy Revolution.