Con Edison wins New York regulator’s approval for $1.2B clean energy project (NYSE:ED)

Con Edison’s (NYSE:ED) proposed $1.2B Reliable Clean City project in Queens was approved Thursday by the New York State Public Service Commission, which said the Idlewild project is key to the state’s attempt to cut greenhouse gas emissions to 85% of 1990 levels by 2050.

The project is needed to maintain Con Edison’s (ED) electrical system reliability and as points of interconnection for energy storage and future clean energy projects, as well as mitigating future reliability concerns stemming from load growth, the PSC said.

The project is “a step in building the grid of the future,” providing for continued electrification and redevelopment at downtown Jamaica, JFK International Airport and the Metropolitan Transportation Authority’s bus fleet, Con Edison (ED) said.