Energy firm National Grid has announced that it will invest an estimated $75 billion USD to enhance its electric grid and meet decarbonization efforts over the next five years. The investment will focus on its UK, Massachusetts, and New York territories, with $35 billion USD targeted to the two U.S. states.

The company will spend $21 billion USD in New York between now and 2029. Projects include more than 70 transmission enhancements in upstate New York that the company claims will improve grid reliability and resilience and deliver more renewable energy to its customers.

National Grid will spend $14 billion USD in Massachusetts to, in part, implement smart meters that will help its customers better manage energy use. Smart meters are a key element to creating a smart grid, which is an electrical network that uses digital communications and software to more efficiently monitor and manage power consumption and generation. Smart meters are part of a two-way communications channel between customers and utilities that also includes power and current sensors and controls. The state will also see a modernized energy infrastructure that is less susceptible to extreme weather events.

“National Grid is making it clear that we are a committed partner to help Massachusetts meet its climate and clean energy goals” said National Grid New England President Lisa Wieland in a press release. “The investment is essential to transform the energy ecosystem, build new and expanded infrastructure, and deliver an electric network that is fundamentally smarter, stronger, cleaner and more equitable than today.”

The US Department of Energy (DOE) states that lack of transmission infrastructure can contribute to higher electric bills and more frequent and longer power outages. Preliminary findings from DOE’s National Transmission Needs Study indicate that developing new transmission in the New York-New England corridor would not only improve reliability and support the increasing electric demand in the region. It found the region needs a 255% increase in transmission development to support the clean energy growth expected under New York and Massachusetts policies.