Avangrid, Inc., a member of the Iberdrola Group, has announced a $41 million investment to rebuild aging grid infrastructure in Ithaca, New York. The initiative includes the construction of three new substations and the addition of 22 miles of transmission lines, improving reliability and capacity for over 42,000 NYSEG customers.

This investment is part of Avangrid’s broader strategy under the 2023 Reliable Energy NY Rate Plan, which has already committed $582 million to 265 electric and gas infrastructure projects across New York. The newly announced work in Ithaca includes significant upgrades to transformers and the installation of capacitor banks across several substations, aiming to reduce outages and support future demand.

Pedro Azagra, CEO of Avangrid, stated the project is a critical step toward modernizing New York's aging energy systems. “Through our larger $20 billion investment through 2030, Avangrid will help ensure communities have the reliable and resilient energy needed to grow and prosper,” he said.

Patricia Nilsen, President and CEO of NYSEG and Rochester Gas and Electric, added that the upgrades will also enable regional growth and economic development. The first phase of the Ithaca project is scheduled for completion by the end of 2027 and is expected to create over 150 jobs.

The long-term initiative reflects Avangrid and Iberdrola’s commitment to grid modernization across the U.S., a top investment priority in response to rising energy demands and the need for infrastructure resilience.

Source: markets.ft.com