“Accelerating Renewable Energy Development” from the Future Energy Summit
By Cleo Carter, ACE NY Intern
The Future Energy Economy Summit kicked off on Sept. 5 with a welcome from Gov. Hochul. The first panel was on “Accelerating Renewable Energy Development in New York State”. The moderator, George Sassine, NYSERDA’s vice president of Large Scale Renewables, introduced the discussion by stating that the north star for their conversation is the New York Climate Leadership and Community Protection Act (Climate Act). To reach the ambitious goals set out by the Climate Act, accelerating renewable energy development is a poignant topic for the energy industry in New York. The panel featured a diverse group of energy professionals, including Laura Beane, president of Vestas North America, Lori Bird, director of the US energy program at WRI, Eric Cohen, head of green economy banking at JP Morgan Chase, Frank Macchiarola, chief policy officer at American Clean Power, and Jonah Wagner, senior advisor to the director of the U.S. DOE’s Energy Loan Programs Office.
The conversation centered on three areas; key trends in the industry relevant to New York, challenges in scaling and achieving the state’s energy goals along with potential solutions, and recommendations for New York to consider. These topics were approached with optimism, reflecting hope for a thriving industry in line with the state’s climate targets. Regarding key trends, Frank Macchiarola highlighted the record-setting capacity build-out in 2024, largely driven by the Inflation Reduction Act (IRA). He emphasized the significant impact of the IRA and its crucial role in the long-term sustainability of the industry.
Laura Beane expressed her excitement for the growing demand for both onshore and offshore wind, noting the sector’s progress toward full capacity. She noted the offshore wind market is resetting after unprecedented challenges, such as pandemic-driven cost increases and supply chain issues. In particular, she mentioned Empire Wind, a 2.1 GW offshore wind project currently under development in New York. In moving forward in the wind industry, Beane says that New York has done a good job ensuring that projects are reliable and deliverable and that mature projects are needed to stabilize the industry. However, she pointed out that one of the biggest constraints for onshore wind in New York is transportation bottlenecks, with only two turbines able to be delivered per week due to DOT limiting safety escorts to only State Troopers.
Lori Bird began discussing challenges to meeting New York and country-wide energy goals by introducing load growth as a challenge and an opportunity for increasing the deployment of renewables. Cohen from JP Morgan highlighted another challenge that, in New York, developers seek return and yield, preferring to build in areas with less risk and higher rewards. For New York to meet its renewable energy goals and compete with states like California and Texas, it must position itself as a more attractive option for developers. He suggested that one way to achieve this is by updating the interconnection process, which would provide developers with greater confidence in project timelines.
Panelists found that the permitting process is a hindrance to the development of renewable energy in the US and shows itself in New York. Macchiarola applauded the Permitting Reform Act introduced by Senator Manchin and Barasso. Other panelists mirrored this sentiment that continuing to tweak processes in permitting will help meet climate goals.
The conversation concluded with panelists offering recommendations to address these challenges and suggestions for what New York state should consider moving forward. From a policy standpoint, Macchiarola praised New York’s support of the IRA and renewable energy development, stating that states should continue to push the federal government to provide more support. He stressed the importance of strong federal policy in advancing these efforts. Beane, representing wind turbine manufacturing, reiterated her earlier point about the need to update transportation standards to facilitate onshore wind development in New York and address ongoing challenges. She also emphasized the importance of current and future coalition building within the state to support the wind industry.
Lastly, Cohen gave a financing perspective that for people to get serious about developing in New York there needs to be action not announcements. He then looked at the success New York has had with community solar and questions how this can be replicated at a utility-scale. Wagner from the DOE’s Loan Program Office added that he is enthused to keep facilitating conversations about projects and emphasized the utility of the program. The panel is optimistic about New York’s future in clean energy with Beane closing out saying this is an especially exciting time in the industry.
