1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:10,119 Speaker 2: It was a report in the Albany Times Union and 3 00:00:10,160 --> 00:00:13,160 Speaker 2: they set over the weekend. National Grid and other utilities 4 00:00:13,200 --> 00:00:17,040 Speaker 2: are spending billions of dollars to prep New York's electric 5 00:00:17,079 --> 00:00:20,080 Speaker 2: grid for a generational shift. And it includes things like 6 00:00:20,440 --> 00:00:23,759 Speaker 2: all those AI data centers that are being built in 7 00:00:23,800 --> 00:00:25,239 Speaker 2: the state and across the country. 8 00:00:25,239 --> 00:00:25,800 Speaker 3: Really yeah. 9 00:00:25,840 --> 00:00:27,880 Speaker 1: The paper went on to note that New York utilities 10 00:00:27,920 --> 00:00:30,360 Speaker 1: are spending that much money to modernize the grid for 11 00:00:30,360 --> 00:00:34,839 Speaker 1: those facility facilities, their investments for New Yorkers, many of 12 00:00:34,880 --> 00:00:36,920 Speaker 1: them are already struggling with utility costs, are gonna have 13 00:00:36,960 --> 00:00:38,560 Speaker 1: to pay for that in the coming years. 14 00:00:38,560 --> 00:00:41,280 Speaker 4: But the idea is that we're prepping it for the future. 15 00:00:41,479 --> 00:00:45,040 Speaker 2: Exactly exactly, But so how uncomfortable as the buildout happens 16 00:00:45,080 --> 00:00:46,720 Speaker 2: and the stress on the grid continues. 17 00:00:46,880 --> 00:00:48,559 Speaker 3: Let's see what our next guest has to say. We've 18 00:00:48,560 --> 00:00:49,280 Speaker 3: been looking forward to this. 19 00:00:49,320 --> 00:00:52,600 Speaker 2: Sally Librera is President National Grid New York. It's a 20 00:00:52,640 --> 00:00:56,000 Speaker 2: subsidiary that publicly held electricity, net gas and clean energy 21 00:00:56,120 --> 00:00:59,720 Speaker 2: utility National Grid PLC, serving millions in New York and 22 00:00:59,760 --> 00:01:02,600 Speaker 2: mass to choose its National Grid ADRs trade in the US, 23 00:01:02,600 --> 00:01:04,600 Speaker 2: they've got about a seventy five billion dollar market cap. 24 00:01:04,600 --> 00:01:06,520 Speaker 2: They're up more than twenty seven percent year to date. 25 00:01:07,080 --> 00:01:08,039 Speaker 2: So nice to have you here. 26 00:01:08,080 --> 00:01:09,479 Speaker 3: How are you great to be here? 27 00:01:09,520 --> 00:01:10,840 Speaker 5: Thanks Carol and Tim for having me. 28 00:01:10,920 --> 00:01:12,040 Speaker 3: Well, it's great to have you here. 29 00:01:12,080 --> 00:01:14,720 Speaker 2: How would you describe power demand today and how that 30 00:01:14,760 --> 00:01:18,200 Speaker 2: demand is growing surging? Use whatever word makes sense so 31 00:01:18,200 --> 00:01:20,480 Speaker 2: that we understand what's the current situation. 32 00:01:20,880 --> 00:01:23,880 Speaker 5: Sure so, at National Good in New York, we serve 33 00:01:24,200 --> 00:01:28,280 Speaker 5: more than four million customers and we deliver natural gas 34 00:01:28,319 --> 00:01:30,800 Speaker 5: and electricity to those customers, and our focus is on 35 00:01:30,880 --> 00:01:35,440 Speaker 5: doing it safely, reliably and affordably. But the reality is 36 00:01:35,600 --> 00:01:40,320 Speaker 5: there is increasing demand for energy across the entire state, 37 00:01:40,400 --> 00:01:43,919 Speaker 5: and we serve through Upstate, we serve in Long Island, 38 00:01:43,959 --> 00:01:46,560 Speaker 5: and we also serve in New York City. And it's 39 00:01:46,600 --> 00:01:49,960 Speaker 5: our job to deliver that energy to meet that energy 40 00:01:50,000 --> 00:01:52,800 Speaker 5: demand where, when and how folks need it. 41 00:01:52,880 --> 00:01:54,600 Speaker 3: How would you quantify that demand? Though? 42 00:01:54,600 --> 00:01:57,240 Speaker 2: Give us some idea, because we're talking NonStop about deals 43 00:01:57,240 --> 00:01:59,680 Speaker 2: of AI data centers, whether it's New York or elsewhere. 44 00:02:00,080 --> 00:02:03,560 Speaker 3: Give us an idea. How stressed is the situation? 45 00:02:04,400 --> 00:02:07,000 Speaker 5: So we work with our New York Independent System operator 46 00:02:07,040 --> 00:02:11,120 Speaker 5: the NISO, and NISO manages a what we call the 47 00:02:11,200 --> 00:02:14,640 Speaker 5: large load Q. So it's essentially the companies that have 48 00:02:14,680 --> 00:02:18,240 Speaker 5: indicated wanting to hook into the New York grid that 49 00:02:18,360 --> 00:02:22,120 Speaker 5: have large power needs, and they estimate that the cumulative 50 00:02:22,360 --> 00:02:25,320 Speaker 5: power need across those companies that are essentially in line 51 00:02:25,360 --> 00:02:27,720 Speaker 5: to connect sometime over the next five or so years 52 00:02:28,160 --> 00:02:31,440 Speaker 5: is about ten gigawatts of energy. And so just to 53 00:02:31,440 --> 00:02:34,760 Speaker 5: give you some context, at our peak in New York, 54 00:02:35,280 --> 00:02:39,160 Speaker 5: we demand about three times that across the entire state. 55 00:02:39,600 --> 00:02:43,960 Speaker 5: And another really important point is that one year ago 56 00:02:44,280 --> 00:02:46,720 Speaker 5: that Q was one third the size. 57 00:02:47,000 --> 00:02:48,640 Speaker 3: It literally tripled. 58 00:02:48,360 --> 00:02:49,639 Speaker 5: In just one year. 59 00:02:49,800 --> 00:02:52,480 Speaker 1: All data centers, no, not all data what it's done, 60 00:02:52,520 --> 00:02:55,160 Speaker 1: because it does seem like for many years we thought 61 00:02:55,200 --> 00:02:59,320 Speaker 1: that power demand across the country would actually stay relatively glad, 62 00:02:59,320 --> 00:03:02,839 Speaker 1: and it did stay relatively flat, But just in recent 63 00:03:02,919 --> 00:03:04,680 Speaker 1: years we've seen so much of an uptick in demand. 64 00:03:04,680 --> 00:03:06,440 Speaker 1: What are you seeing on your grids? 65 00:03:06,800 --> 00:03:10,079 Speaker 5: Well, there's definitely there, definitely is the impact of data centers. 66 00:03:10,520 --> 00:03:14,399 Speaker 5: But New York is also very attractive to manufacturing and 67 00:03:15,080 --> 00:03:18,720 Speaker 5: large scale manufacturing, particularly some of the modern manufacturing we 68 00:03:18,760 --> 00:03:23,880 Speaker 5: see around semiconductors and computer components, it's very energy intensive, 69 00:03:24,160 --> 00:03:26,639 Speaker 5: and companies with big power needs are drawn to New 70 00:03:26,720 --> 00:03:29,840 Speaker 5: York and we are working to make sure that they 71 00:03:29,840 --> 00:03:31,640 Speaker 5: have the power that they need, not just today, but 72 00:03:31,680 --> 00:03:32,520 Speaker 5: well into the future. 73 00:03:32,680 --> 00:03:35,280 Speaker 2: So it's interesting, right, because we think about this White House, 74 00:03:35,360 --> 00:03:39,080 Speaker 2: right and encouraging investment from foreign companies to build here. 75 00:03:39,440 --> 00:03:41,520 Speaker 2: I mean, I guess you know that's the good thing, right, 76 00:03:41,560 --> 00:03:46,400 Speaker 2: We want to see other companies investing into the United States. 77 00:03:46,440 --> 00:03:49,320 Speaker 2: But there's a power grab on that too, right, as 78 00:03:49,360 --> 00:03:52,200 Speaker 2: a result of that, in order to meet that well, 79 00:03:52,280 --> 00:03:54,040 Speaker 2: I think potentially, I. 80 00:03:53,960 --> 00:03:56,080 Speaker 5: Think it is important to note that even if we 81 00:03:56,080 --> 00:04:00,000 Speaker 5: weren't at this unique moment in time with rapidly increase 82 00:04:00,320 --> 00:04:03,320 Speaker 5: demand for power, we still have a grid in New 83 00:04:03,400 --> 00:04:06,480 Speaker 5: York and this is true across many places in the country. 84 00:04:06,840 --> 00:04:09,720 Speaker 5: We have a grid that needs investment. We have assets 85 00:04:09,760 --> 00:04:12,040 Speaker 5: that are close to one hundred years old. 86 00:04:12,160 --> 00:04:13,240 Speaker 3: Why right, right? 87 00:04:13,280 --> 00:04:13,480 Speaker 4: Tim? 88 00:04:13,600 --> 00:04:13,640 Speaker 1: Like? 89 00:04:13,680 --> 00:04:16,800 Speaker 2: How many people like, why if it's one hundred years old, 90 00:04:16,800 --> 00:04:18,000 Speaker 2: why are you twenty years ago? 91 00:04:18,400 --> 00:04:20,000 Speaker 4: Right? Why didn't we make the investment? Then? 92 00:04:20,200 --> 00:04:23,440 Speaker 5: Yeah, we've been politics. 93 00:04:23,480 --> 00:04:25,360 Speaker 3: I've part that that was a lot. 94 00:04:25,400 --> 00:04:27,880 Speaker 4: Please you answer the question so I not. 95 00:04:27,960 --> 00:04:29,360 Speaker 3: Understand, because it's important. 96 00:04:29,960 --> 00:04:33,960 Speaker 5: We have been very careful about balancing the bill impacts 97 00:04:34,000 --> 00:04:36,960 Speaker 5: which customers bear with the investments that we make in 98 00:04:37,000 --> 00:04:40,200 Speaker 5: our infrastructure. And even today where we look at assets 99 00:04:40,200 --> 00:04:43,120 Speaker 5: that are seventy eighty one hundred years old, we're very 100 00:04:43,160 --> 00:04:47,200 Speaker 5: strategic and pinpointed about which of those assets, which of 101 00:04:47,240 --> 00:04:50,520 Speaker 5: those parts of infrastructure we replace, because we want to 102 00:04:50,600 --> 00:04:53,920 Speaker 5: keep customer bills low, So we look for those opportunities 103 00:04:53,960 --> 00:04:57,000 Speaker 5: where we can do multiple things with an investment, where 104 00:04:57,040 --> 00:05:00,000 Speaker 5: we can replace an aging asset with something that's more 105 00:05:00,200 --> 00:05:03,400 Speaker 5: modern and something that can carry more energy, something that 106 00:05:03,440 --> 00:05:07,760 Speaker 5: can unlock more energy that our generators have to connect 107 00:05:07,760 --> 00:05:09,720 Speaker 5: into the grid, and something that's going to be more 108 00:05:09,720 --> 00:05:13,400 Speaker 5: resilient to storms and better leverage technology so it's cheaper 109 00:05:13,440 --> 00:05:13,960 Speaker 5: to maintain. 110 00:05:14,200 --> 00:05:18,440 Speaker 1: Does more resilient too, storms mean bearing power lines? 111 00:05:18,640 --> 00:05:19,600 Speaker 4: Is that the way to do it? 112 00:05:19,760 --> 00:05:21,760 Speaker 5: In some cases we do that, but it's also the 113 00:05:21,839 --> 00:05:25,600 Speaker 5: type of infrastructure that we put up. We are replacing 114 00:05:25,640 --> 00:05:29,240 Speaker 5: in places sometimes wooden poles with steel poles, just much 115 00:05:29,240 --> 00:05:30,480 Speaker 5: stronger infrastructure. 116 00:05:30,720 --> 00:05:34,479 Speaker 3: Well, you know, and I think about how do you 117 00:05:34,520 --> 00:05:35,280 Speaker 3: balance all of that? 118 00:05:35,400 --> 00:05:38,520 Speaker 2: Like affordability, as you know, has become quite the word 119 00:05:38,520 --> 00:05:41,080 Speaker 2: that we are hearing a lot, certainly in the political environment. 120 00:05:41,080 --> 00:05:43,320 Speaker 2: So how do you keep your investors happy and the 121 00:05:43,320 --> 00:05:46,880 Speaker 2: grid reliable without rising bills that make your customers furious 122 00:05:46,960 --> 00:05:48,920 Speaker 2: and invite regulatory and political pushback. 123 00:05:48,960 --> 00:05:50,520 Speaker 3: I mean, that is a hard mandate. 124 00:05:51,120 --> 00:05:53,440 Speaker 5: It is It is a difficult balance, and it's one 125 00:05:53,520 --> 00:05:56,760 Speaker 5: that we navigate every single day. We do it through 126 00:05:56,800 --> 00:06:00,160 Speaker 5: a number of avenues. We certainly work closely with our 127 00:06:00,200 --> 00:06:03,480 Speaker 5: customers to help them manage costs, and we do that 128 00:06:03,560 --> 00:06:09,040 Speaker 5: through a variety of bill assistance programs and energy efficiency 129 00:06:09,080 --> 00:06:12,640 Speaker 5: programs and rebates, and we work We have consumer advocates 130 00:06:12,640 --> 00:06:14,800 Speaker 5: whose job it is to specifically work with folks in 131 00:06:14,839 --> 00:06:18,280 Speaker 5: communities to help them manage their costs. We also, as 132 00:06:18,320 --> 00:06:21,120 Speaker 5: I mentioned before, are very careful about where and how 133 00:06:21,160 --> 00:06:23,000 Speaker 5: we invest in assets, and we make sure that if 134 00:06:23,040 --> 00:06:25,200 Speaker 5: we're investing in an asset, that we're going to get 135 00:06:25,240 --> 00:06:27,480 Speaker 5: more power from investing in that asset, that we're going 136 00:06:27,520 --> 00:06:29,160 Speaker 5: to get more resiliency, and then we're going to get 137 00:06:29,160 --> 00:06:31,679 Speaker 5: more efficiency from investing in that asset. 138 00:06:31,920 --> 00:06:36,280 Speaker 1: The President has been outspoken about his disdain for certain renewables, 139 00:06:36,360 --> 00:06:40,919 Speaker 1: especially wind power. Your investment in renewables, are sourcing energy 140 00:06:40,920 --> 00:06:43,680 Speaker 1: from renewables? Has that changed under this administration. 141 00:06:44,400 --> 00:06:47,200 Speaker 5: Well, we certainly support the all of the above energy 142 00:06:47,240 --> 00:06:52,200 Speaker 5: approach and are pleased with the most recent version of 143 00:06:52,240 --> 00:06:56,000 Speaker 5: the State Energy Report that's just come out today that 144 00:06:56,360 --> 00:07:00,200 Speaker 5: leans into an all of the above approach. Given the 145 00:07:00,279 --> 00:07:03,800 Speaker 5: rate at which demand for energy is increasing, we need 146 00:07:03,920 --> 00:07:07,000 Speaker 5: to we need to be utilizing all of those opportunities, 147 00:07:07,120 --> 00:07:10,000 Speaker 5: from renewables to natural gas to nuclear to make sure. 148 00:07:10,440 --> 00:07:12,560 Speaker 1: Is that more difficult if the federal government is not 149 00:07:12,600 --> 00:07:14,320 Speaker 1: supportive of certain renewables. 150 00:07:15,160 --> 00:07:18,720 Speaker 5: We are working on the infrastructure to move power from 151 00:07:18,800 --> 00:07:22,680 Speaker 5: point A to point B. So while we support projects 152 00:07:22,680 --> 00:07:26,560 Speaker 5: like say the Nesti pipeline, that's a supply project. It's 153 00:07:26,560 --> 00:07:28,680 Speaker 5: not our project, but we support it because we know 154 00:07:28,760 --> 00:07:32,320 Speaker 5: how critical it is to the downstate community, and how 155 00:07:32,760 --> 00:07:35,480 Speaker 5: reliant New York City and Long Island are on natural 156 00:07:35,520 --> 00:07:39,480 Speaker 5: gas and how thin that reserve margin is and their 157 00:07:39,600 --> 00:07:42,160 Speaker 5: energy demand for energy is growing as well. So we 158 00:07:42,240 --> 00:07:45,840 Speaker 5: support NeSSI for those reasons. The other side of our 159 00:07:45,840 --> 00:07:49,840 Speaker 5: business is about building transmission. It's about building the highway 160 00:07:49,960 --> 00:07:53,640 Speaker 5: over which the power moves. So the sourcing as to 161 00:07:53,680 --> 00:07:58,240 Speaker 5: where it's coming from isn't a national grid decision. We 162 00:07:58,280 --> 00:07:59,840 Speaker 5: work with generators of all kinds. 163 00:08:00,480 --> 00:08:03,680 Speaker 2: Bottom line, though, does this potentially as you guys are 164 00:08:03,760 --> 00:08:06,240 Speaker 2: very careful about when you invest so that power prices 165 00:08:06,240 --> 00:08:07,920 Speaker 2: don't go up, but are there going to be moments 166 00:08:08,400 --> 00:08:10,720 Speaker 2: where prices are just going to go up just because 167 00:08:10,760 --> 00:08:13,240 Speaker 2: of the environment. And it's hard to kind of predict everything. 168 00:08:13,280 --> 00:08:15,120 Speaker 2: And forgive me just got about thirty seconds. 169 00:08:15,680 --> 00:08:18,760 Speaker 5: There are moments, and now is one of those moments 170 00:08:18,800 --> 00:08:21,560 Speaker 5: where customers are seeing increases on their bills. And that's 171 00:08:21,600 --> 00:08:24,680 Speaker 5: for a number of reasons, but primarily it's to be 172 00:08:24,720 --> 00:08:29,240 Speaker 5: investing in infrastructure that is necessary. Those investments are necessary 173 00:08:29,280 --> 00:08:31,240 Speaker 5: to make sure that folks continue to have the safe 174 00:08:31,240 --> 00:08:32,640 Speaker 5: and reliable energy that they need. 175 00:08:32,679 --> 00:08:35,600 Speaker 2: And those investments include renewables, green all of it. 176 00:08:36,120 --> 00:08:40,760 Speaker 5: Well, we're investing in the ability to unlock those energy 177 00:08:40,800 --> 00:08:42,760 Speaker 5: sources and be able to bring them onto the grid 178 00:08:42,800 --> 00:08:44,400 Speaker 5: and move them at a greater frequency.