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02/19/2018

Central Maine Power Transmission Proposal Selected as Solution for Massachusetts Clean Energy Initiative

Central Maine Power Transmission Proposal Selected as Solution for Massachusetts Clean Energy Initiative

ORANGE, Connecticut, February 16, 2018 – AVANGRID, Inc. (NYSE: AGR), a diversified energy company, and its subsidiary Central Maine Power Company (CMP) today confirmed that the New England Clean Energy Connect (NECEC) transmission project has been selected by the Massachusetts electric utilities and the Massachusetts Department of Energy Resources in the Commonwealth’s 83D clean energy Request for Proposal (RFP) to move forward as the alternative if the Northern Pass Transmission project fails to win approval from the New Hampshire Site Evaluation Committee by March 27, 2018. 

CMP proposed the $950 million NECEC in a joint bid with Hydro-Québec to deliver renewable energy from Québec to the New England grid in response to the RFP.  CMP intends to continue all aspects of permitting and planning for the NECEC to meet our proposed in-service date. CMP will also immediately begin negotiation of long-term contracts with the state’s electric distribution companies to prepare for a submission to the Massachusetts Department of Public Utilities in April 2018.

“Our applications for state and federal permits are moving forward with the strong support of communities and stakeholders in Maine,” said Doug Herling, president and chief executive officer of Central Maine Power. “We believe the NECEC is a cost-effective response to Massachusetts’ needs, and given our experience building projects of greater scale and complexity here in our home state, we’re confident we can meet our commitments to the Commonwealth.”

CMP’s proposed NECEC includes a 145-mile transmission line linking the electrical grids in Québec and New England. The project will add 1,200 megawatts of transmission capacity to supply New England with power from reliable hydroelectric generation. Host communities in western Maine will see direct economic gains from the investment and share in the regional benefits of lower energy costs and reduced greenhouse gas emissions. Maine county and municipal officials, business leaders, and policymakers have given strong support for the project. CMP submitted applications for all state and federal permits in mid-2017. The company expects to receive state approvals later this year and final federal permits in early 2019. More information about the NECEC is provided in the attached materials.

“CMP proposed a cost effective transmission solution, and paired it with a strong proposal for clean energy from Hydro-Québec," said Jim Torgerson, chief executive officer of AVANGRID. “This project is another example of how the AVANGRID companies are providing effective solutions to timely and complex regional energy challenges. AVANGRID is committed to investing in the region’s clean energy infrastructure, and delivering on the promise of the NECEC proposal.”

“A new transmission link between Maine and Québec would deliver a reliable, firm supply of clean energy to help dampen seasonal price instability when high demand puts pressure on natural gas supplies,” said Bob Kump, president and chief executive officer of Avangrid Networks, Inc., AVANGRID’s utility holding company and parent corporation of CMP. “We appreciate the opportunity to advance reliable, cost-effective solutions for the benefit of the Commonwealth’s energy consumers and the region. We also thank Governor Baker, Secretary of Energy and Environmental Affairs Matthew Beaton, DOER Commissioner Judith Judson, and the Massachusetts legislature for their resourcefulness and vision in passing a clean energy law that will allow every resident in the Commonwealth to benefit from clean renewable energy resources.”

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About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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