NGG - National Grid eyes decarbonization plan for New York Massachusetts by 2050

National Grid (NYSE:NGG) said late Monday that it plans to eliminate fossil fuels from its heating systems in New York and Massachusetts by 2050, primarily by expanding the use of electric heat pumps and sourcing more renewable natural gas. National Grid (NGG) said it plans to use 100% fossil-free gas in those operations by 2050, relying on a significant increase in use of renewable natural gas produced from farms, landfills, wastewater facilities and imports instead of conventional natural gas. The utility said 57% of New York and Massachusetts building heating systems currently run on natural gas while 25% run on oil. National Grid's (NGG) plan deviates from climate action plans from New York and Massachusetts agencies which propose that households electrify nearly all of their heating systems by 2050. National Grid (NGG) said recently that it expects FY 2022 earnings will modestly exceed guidance issued late last year.

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National Grid eyes decarbonization plan for New York, Massachusetts by 2050