CMP Amends Transmission Line Plan to Address Key Permitting Requirement
Augusta, Maine – October 18, 2018 – Central Maine Power, a subsidiary of AVANGRID (NYSE: AGR), has notified regulators of its intent to amend a key element of its proposed New England Clean Energy Connect transmission line to avoid an aerial crossing over the Kennebec River to address the concerns of state environmental regulators, the host communities, and other stakeholders. The company will submit a plan to cross under the river using Horizontal Directional Drilling technology to preserve the scenic and recreational value of the segment of the river known as the Kennebec Gorge.
“Maine and the region will benefit immensely from the New England Clean Energy Connect, so we are changing our proposal to address a key concern of state environmental regulators,” said Doug Herling, president and CEO of Central Maine Power. “This has always been under consideration. We believe this change may also encourage stronger support from those who appreciate the project’s benefits, but want to preserve the commercial and aesthetic value of the river as well.”
The New England Clean Energy Connect was selected in response to a Massachusetts initiative to increase the supply of clean energy as required under the state’s Global Warming Solutions Act. The Massachusetts Department of Public Utilities is reviewing 20-year contracts among the state’s largest electric utilities, Central Maine Power, and Hydro-Québec for the delivery of 9.45 terawatt hours of electricity annually from Canadian hydropower facilities.
In Maine, the project will produce nearly $1 billion in economic benefits through construction employment, electricity cost savings, local property taxes, and enhanced economic growth between 2017 and 2027. The 20-year Massachusetts contracts will produce additional economic and environmental benefits in Maine through 2043, and separate agreements between CMP and Hydro-Québec could extend the delivery of clean energy benefits to Maine and the region to 2063 or beyond.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. 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.