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.