CMP hall will resume development regardless of huge bounce in value
Development in Maine will resume this week on an electrical energy transmission undertaking bringing Canadian hydropower to the New England energy grid regardless of a half-billion greenback value enhance, the pinnacle of Avangrid stated Thursday.
CEO Pedro Azagra Blazquez stated on an earnings name that the price of the undertaking, initially estimated at round $1 billion, has grown to $1.5 billion as litigation delayed development and inflation brought about costs to creep upward.
Avangrid, the company dad or mum of Central Maine Energy, partnered with Hydro-Quebec on the facility line undertaking — dubbed the New England Clear Power Join — to deliver 1,200 megawatts of hydropower to satisfy inexperienced power objectives in Massachusetts. That represents sufficient electrical energy for about 1 million properties.
It acquired all regulatory approvals however has been tormented by delays and litigation. The builders and Massachusetts utilities try to type out how the associated fee will increase might be shared.
The Maine Division of Environmental Safety restored permits for the undertaking in Could after a prolonged court docket battle, however work didn’t resume instantly due to considerations in regards to the rising prices. The Massachusetts Legislature is advancing laws permitting transmission service agreements to be renegotiated to get well the associated fee will increase.
The 145-mile energy transmission line will stretch from Lewiston to the Canadian border, largely following current utility corridors. The allow combat was over a brand new, 53-mile part in western Maine.
Work will resume Aug. 3 at a substation in Lewiston, Azagra stated throughout an earnings name on Thursday. He didn’t elaborate on the timetable for development on different elements of the undertaking.
“As soon as full, NECEC will profit all of New England by decreasing the area’s dependence on fossil fuels and offering extra steady power costs,” he stated.
