AUGUSTA, Maine--(BUSINESS WIRE)--Central Maine Power (CMP), a subsidiary of diversified energy and utility company AVANGRID (NYSE: AGR), today announced that the $950 million New England Clean Energy Connect (NECEC), would save Massachusetts utility customers more than $600 million dollars in construction and related costs over the reported costs of competing projects, which are as much as 60 percent higher.
The NECEC is the only proposal capable of firm delivery of 1,200 megawatts of renewable energy that provides maximum environmental and energy benefits at less cost than any competing proposal. The transmission project has received wide support from host communities and business leaders in Maine, and is on track to receive necessary state and federal permitting reviews in 2018.
“The New England Clean Energy Connect will deliver up to 20% more clean energy for the region’s utility customers with lower construction costs than any of the competing proposals that are interconnecting with Hydro-Québec,” said Bob Kump, CEO of Avangrid Networks.
NECEC (1200 MW) is 20% larger than TDI New England’s New England Clean Power Link through Vermont (1,000MWs) and 10% larger than Eversource’s proposed Northern Pass project in New Hampshire (1090MW).
“Given our unique advantages to control costs and to leverage recent investments in the New England grid, we can deliver the largest infusion of Canadian energy into the region’s energy supply for everyone to share in the environmental and economic benefits,” said Sara Burns, President and CEO of Central Maine Power.
The NECEC proposal will deliver a larger volume of clean renewable energy at lower costs in part by leveraging the recently completed Maine Power Reliability Program (MPRP), a $1.4 billion power grid infrastructure investment paid for by ratepayers from across New England.
CMP is the only proponent in the Massachusetts RFP process that has recently completed a transmission project of the scale and complexity of the Maine Power Reliability Program on-time and on-budget.
The Massachusetts’ Clean Energy RFP is part of a broader effort to reduce the state’s energy costs, ensure a reliable electricity grid, and meet long-term greenhouse gas reduction (GHG) requirements. Under the terms of the RFP, projects will only be considered if they include “significant cost containment features” to protect Massachusetts ratepayers and if they “ensure that transmission cost overruns, if any, are not borne by ratepayers.” To address this, NECEC will provide transmission services at a long-term fixed price providing much needed market certainty.
Acting as “battery storage” for New England, NECEC will deliver firm power from Hydro-Québec, even during peak winter months when energy supply prices are most volatile and intermittent resources are not as reliable.
NECEC also released a project video detailing all of the benefits the project provides for Massachusetts and Maine electricity customers. Go to: www.necleanenergyconnect.com for more information.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $31 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates more than 6 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.
About CMP: Central Maine Power Company (CMP) is a subsidiary of AVANGRID, Inc. (NYSE: AGR). As Maine’s largest electricity transmission and distribution utility, CMP serves 619,000 homes and businesses, representing about 80% of Maine’s customer base. J.D. Power and Associates has ranked the company #1 in customer satisfaction seven times. For more information, visit www.cmpco.com.