The New York Independent System Operator released Power Trends 2024, the yearly publication that provides a comprehensive look at the state of the electric grid during this time of significant change. Incorporating new data and metrics, the report also summarizes work by the NYISO to maintain reliability and advance competitive electric markets through the grid in transition.
Key takeaways in Power Trends 2024 include:
- Public policies are driving rapid change in the electric system in the state, impacting how electricity is produced, transmitted, and consumed.
- Electrification programs and economic development initiatives are driving projected demand higher. Generator deactivations are outpacing new supply additions. Together, these forces are narrowing reliability margins across New York.
- The potential for delays in construction of new supply and transmission, higher than forecasted demand, and extreme weather are threatening reliability of the grid.
- The statewide grid is projected to become a winter-peaking system in the 2030s, primarily driven by electrification of space heating and transportation. The switch to a winter peak introduces new reliability concerns related to fuel security that the NYISO is working to address through changes to planning and market rules.
- NYISO’s interconnection processes is evolving to balance developer flexibility with the need to manage the process to more stringent timeframes. Efforts are underway to make this process more efficient while protecting grid reliability.
- New emission-free resources are needed to meet the goals of the CLCPA. Those resources are not yet available on a commercial scale.
- NYISO’s wholesale electricity markets are an important tool to attract necessary investments to facilitate the transition of the grid in the coming decades.
Rich Dewey, President and CEO of the New York Independent System Operator said:
“We’re pleased to publish Power Trends 2024 and provide a comprehensive look at the state of the electric grid during this time of significant change. Among several important takeaways, this year’s Power Trends demonstrates that competitive electric markets continue to provide the most powerful and least-cost vehicle available to speed investment in the electric system.”
