Hochul’s ‘energy summit’ falls short of achieving ambitious green targets.

Unfortunately, New York attempted to power its economy on hubris this week, as state officials held the “Future Energy Economy Summit” in Syracuse, led by Governor Hochul. The summit brought together familiar groups and individuals who have been influential in shaping New York’s current energy policy, expecting different results this time.

Richard Kauffman, New York’s “energy czar,” spearheaded the summit, playing a significant role in energy policy and collaborating with energy companies for almost a decade. He epitomizes New York’s energy policy, where political preferences have been imposed over the years without much consideration for the resulting increased costs and reduced reliability for families and businesses.

In 2016, Albany abruptly shifted from supporting natural gas to obstructing projects that would bring natural gas to New York and New England. This change left the Northeast more reliant on older, dirtier power plants while hindering access to cleaner fuel sources.

State officials then pressured Indian Point, a profitable nuclear plant supplying a significant portion of downstate’s electricity, to shut down. Following this, they pursued expensive plans to construct wind turbines off Long Island, allowing a select few developers to dictate prices due to the rushed process.

Albany’s policies resulted in increased costs and emissions, along with political gains for certain groups. The approval of the Climate Leadership and Community Protection Act in 2019 imposed arbitrary requirements for renewable energy projects, excluding more reliable options like hydroelectric and nuclear power.

The summit hinted at the possibility of allowing new nuclear reactors in New York, illustrating the extreme level of micromanagement in the state’s energy landscape. Despite blaming the pandemic for stagnant emission reductions, New York’s focus on the appearance of the electric grid rather than realistic evolution has led to a messy energy situation.

Officials overlooked factors like interest rates, shipping regulations, and the high costs of backing wind and solar projects with battery storage, resulting in significant financial burdens estimated at over $1 trillion for New York alone.

As stakeholders gathered in Syracuse, indulging in wine and PowerPoint presentations by the state’s political elite, they should question whether the solutions to New York’s energy challenges lie in looking beyond the fallible leadership for answers.

Ken Girardin is research director at the Empire Center for Public Policy.