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New York PSC Approves $5 Billion Clean Energy Fund

January 252016

New York Gov. Andrew Cuomo announced that the state Public Service Commission has approved a 10-year, $5 billion Clean Energy Fund that aims to strengthen the grid and help meet his 50 percent renewables goal by 2030. Investment will take place in four major areas, with the largest portion – $2.7 billion – targeting “Market Development.” The New York State Energy Research and Development Authority will use those funds to stimulate consumer demand for clean energy alternatives and energy efficiency while “helping to build clean energy supply chains to meet that growing customer demand.” Nuclear generation may get a boost: As regulators develop a Clean Energy Standard, Cuomo has directed them to consider nuclear generation and to develop incentives to keep plants from retiring.