XLU - New York regulator clears $4.5B Canadian hydropower project to supply NYC

In a "game changer for New York's transition away from fossil fuels," state regulators approved on Thursday a $4.5B project by Canadian public utility Hydro-Quebec to supply hydropower to New York City, with construction expected to begin this summer and completion scheduled for 2025. New York's Public Service Commission approved the 339-mile Champlain Hudson Power Express transmission line, which will carry 1,250 MW of electricity from hydropower facilities in Canada - enough for more than 1M homes - as well as Clean Path NY, a project that includes more than 20 wind and solar farms and a second transmission line. The two projects, the largest approved in New York state in 50 years, are expected to reduce NYC's reliance on electricity from fossil fuels by more than half by 2030. ETFs: (NYSEARCA:XLU), (UTG), (VPU), (BUI), (GUT), (FUTY), (IDU), (RYU), (FXU), (UPW) "The dividend yield on utilities is now lower than

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New York regulator clears $4.5B Canadian hydropower project to supply NYC