New York is killing off its last coal-fired power plants

accreditation

New York has adopted a rule to eventually kill off its last two coal-fired power plants.

The state’s environmental regulator said on Thursday that it had finalized regulations requiring all power generators to meet new carbon-dioxide emissions limits that are nearly impossible for coal plants to hit. In doing so, the agency said, Governor Andrew Cuomo will fulfill his goal of banning New York power plants from burning coal by the end of 2020.

While the state has hailed the new emissions standards as key to combating climate change, others have warned New York may face higher electricity prices as a result. The price of wholesale power for delivery to New York City in 2021 has climbed more than 25% since the state proposed the rules, underscoring the trade offs for states trying to fight global warming.

New York has also proposed rules to limit nitrogen oxide from generators that kick in when demand for power peaks. The two regulations will help the state reach its target of cutting greenhouse gas emissions 40% by 2030 and shift to 100% clean electricity by 2040.

The last coal-fired plants running in New York are the 655-megawatt Somerset plant west of Rochester and the 155-megawatt Cayuga facility in the Finger Lakes region. The only way for them to comply with the new standards would be to invest in costly upgrades, switch to natural gas or shut down. Riesling Power, a Blackstone Group affiliate, purchased them both in 2016.

Blackstone didn’t immediately respond to a request for comment.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
15.38
-0.0%
Rand - Pound
20.98
+0.2%
Rand - Euro
17.54
+0.1%
Rand - Aus dollar
11.09
-0.0%
Rand - Yen
0.13
+0.4%
Gold
1,819.25
+0.1%
Silver
23.03
+0.3%
Palladium
1,876.50
-0.4%
Platinum
976.34
+0.2%
Brent Crude
86.06
+1.9%
Top 40
68,889
+0.6%
All Share
75,594
+0.6%
Resource 10
74,696
+0.4%
Industrial 25
95,569
+1.3%
Financial 15
15,498
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot