Luyster Creek Energy Storage projects at Astoria Generating Station Key to Meeting New York's Clean Energy Goals
Applications will also be filed for Gowanus and Narrows stations
NEW YORK, June 22, 2022 /PRNewswire/ -- Eastern Generation, LLC ("Eastern Generation"), an affiliate of ArcLight Capital Partners, LLC ("ArcLight"), announced that the NYPSC has approved its application for a Certificate of Public Convenience and Necessity ("CPCN") - a necessary permit to build energy storage at the Astoria Generating Station as part of the Luyster Creek Energy Storage project. The batteries in Astoria, which are being developed by the Astoria Generating Company, a subsidiary of Eastern Generation, will provide over 135 MW of energy storage once complete. Eastern Generation owns generating stations that account for over 18% of New York City's power generation capacity.
Energy storage projects are needed to improve the flexibility and reliability of the electric system as New York City transitions away from dispatchable fossil-fueled generation to offshore wind and other intermittent renewable resources. The Luyster Creek Energy Storage projects will help maximize the energy that renewables can provide to the system and reduce reliance on capacity provided by existing fossil-fueled generation.
"The Luyster Creek projects can be fully operational as soon as 2025 if market conditions permit and proper economic incentive investments are made by the state," said Mark Sudbey, CEO of Eastern Generation. "Eastern Generation stands ready to help Governor Hochul and New York meet its ambitious target of at least 6,000 MW of energy storage by the year 2030," said Dan Revers, Managing Partner of ArcLight.
Eastern Generation is expected to submit CPCN applications for additional storage projects at its Gowanus and Narrows stations, which will provide a combined 350 MW when fully operational. All three battery projects are located at existing power generating facilities, which are industrially zoned, buffered from residential communities and have established connections to the power grid.
ArcLight is a leading private equity firm focused on energy, infrastructure and energy transition with a successful long-term track record. Founded in 2001, the firm helped pioneer an asset-based approach to investing across the power, renewables, infrastructure and broader energy value chain. Since then, ArcLight has invested approximately $26 billion in 116 transactions, including over $10 billion of equity capital into the electrification segment, which includes power, transmission, renewable infrastructure and energy transition investments. Through its large infrastructure portfolio, ArcLight is focused on providing decarbonizing energy solutions with a strong ESG focus. Based in Boston, the firm's investment team employs a value-added investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management affiliate. More information about ArcLight can be found at www.arclight.com.
Cathy Rought, [email protected], 202-263-9097
SOURCE Eastern Generation