NEW YORK--(BUSINESS WIRE)--Jul 15, 2021--

174 Power Global today announced that the New York State Public Service Commission (PSC) approved a Certificate of Public Convenience and Necessity for its 100-megawatt (MW) energy storage project in Astoria, Queens, under development by its indirect wholly-owned subsidiary, East River ESS, LLC. The East River Energy Storage Project was selected, and subsequently contracted, by Con Edison for an energy supply agreement after the PSC directed the utility to procure and deploy 300 MW of qualified energy storage systems in New York City by 2023. Con Edison’s initiatives to procure more energy storage projects complement New York State’s public policy goals to generate 100% electricity from zero-carbon resources by 2040 and reduce greenhouse gas emissions from 85% below 1990 levels by 2050.

174 Power Global plans to re-purpose and construct the East River Energy Storage Project on leased property owned by the New York Power Authority on the site once occupied by the former Charles Poletti power plant. Earlier this year, the East River Energy Storage Project was issued a negative declaration under the New York State Environmental Quality Review Act and is slated to begin operations in 2023. It is the largest battery energy storage project in late stages of development in New York State under contract with a utility.

The East River Battery Energy Storage Project is expected to be able to store or release electricity on demand, thus helping to support the integration of new sources of renewable energy like offshore wind, hydro, and solar generation to replace energy produced by a fleet of fossil fuel plants. Generating power from energy discharged by the battery system can aid in improving air quality and can lead to greenhouse gas reductions by offsetting carbon intensive peak generation since the batteries charge during times of low demand and can generate energy during peak periods. The benefits of adding more energy storage to New York City means a more energy resilient future while improving grid reliability using generating assets located in the region.

"Energy storage technology has emerged as an essential component of the energy landscape and the proliferation of energy storage projects in New York is critical to meeting the state’s ambitious climate change goals,” said 174 Power Global President and CEO, Henry Yun, PhD. “We are pleased to receive approval from the PSC and are one step closer to bringing clean power, as well as other regional electricity and economic benefits, to the Astoria community and state.”

“Battery storage is essential to our quest to create a clean energy future and prevail against climate change,” said Leonard Singh, senior vice president, Customer Energy Solutions, for Con Edison. “Bulk storage will let us bring large amounts of renewable energy to our customers without compromising our industry-leading reliability, even as fossil fuel generators in New York City are shuttered into retirement.”

“The PSC’s approval of this adaptive reuse project on NYPA’s site in Astoria is a big win for New York State and specifically the Queens community and demonstrates an important step towards achieving our ambitious clean energy goals,” said Gil C. Quinones, NYPA president and CEO. “Large-scale battery storage provides the opportunity for greater flexibility and resiliency of the electric grid and will support the growth of renewable energy for decades to come.”

The Project is expected to achieve commercial operation on January 1, 2023, further advancing 174 Power Global’s position in the Northeast. In 2019, 174 Power Global acquired a New York based solar and storage company, now 174 Power Global NE, creating over 25 megawatts of renewable energy for commercial and industrial clients that improves the environment by working with local businesses to meet sustainability goals and manage their long-term energy costs.

About 174 Power Global

174 Power Global is a leading solar and energy storage company that is wholly owned by the Hanwha Group, with offices in NYC and in California. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with utilities, landowners, local communities, financial investors, and other partners to build highly productive, utility scale and C&I solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has more than 6 GW of additional projects in the development pipeline. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment. For more information, visit: www.174powerglobal.com/

About Con Edison

Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $59 billion in assets. The utility delivers electricity, natural gas and steam to 3.4 million customers in New York City and Westchester County, N.Y. For financial, operations and customer service information, visit www.conEd.com.

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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY UTILITIES

SOURCE: 174 Power Global

Copyright Business Wire 2021.

PUB: 07/15/2021 01:29 PM/DISC: 07/15/2021 01:29 PM

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Copyright Business Wire 2021.