According to a recent report by SNL Financial, a business research firm, more than half of all planned energy projects in the Northeast Power Coordinating Council region, comprising part of Canada and 6 US states, are renewable energy projects.
Steve Piper, the associate director of power markets at SNL, claims that in the next five years about 17,000 megawatts of planned renewable energy projects in the region will be completed. “For the time there’s still quite a lot of momentum,” he said. “And the tax incentives make renewables more attractive than conventional development.” Renewable energy projects analyzed by the study include wind, geothermal, hydroelectric, biomass and solar resources.
Most of the projects are focused on wind plants, being located in New York. The state has 210 hydroelectric projects planned in New York, totaling 3,482 megawatts and approximately 64 wind projects on tap, totaling 4,814 megawatts. It must to be known that four out of the five largest planned renewable projects are hydroelectric.