CENTRAL MAINE POWER & EMERA MAINE SUBMIT JOINT CLEAN ENERGY PROPOSAL TO NEW ENGLAND STATES
January 29 2016 - 12:20PM
Central Maine Power (CMP) and Emera Maine announced today that the
two companies have submitted a joint proposal to deliver enough
clean energy to power at least a quarter-million homes in
Connecticut, Massachusetts, and Rhode Island. The Maine Renewable
Energy Interconnect (MREI) is a cost-effective solution to southern
New England's clean energy needs backed by two of the region's
leading utilities with the resources and proven ability to deliver
the project on time and at a competitive, fixed cost. Central Maine
Power is a subsidiary of AVANGRID, one of the largest energy and
utility companies in the U.S. with operations in 25 states. Emera
Maine is part of Emera Inc., a geographically diverse energy and
services company with investments throughout northeastern North
America and in four Caribbean countries. The companies have an
extensive network of existing transmission corridors to complete
the project, along with outstanding records for successful
transmission development in northern New England. "Our joint
project creates environmental and economic value for Maine and the
region," said Sara Burns, president and CEO of CMP. "Bringing more
renewables into the system will reduce emissions from burning
fossil fuels and enhance price stability, energy security, and
supply diversity." In November 2015, a consortium of
agencies and electric utilities in Connecticut, Massachusetts, and
Rhode Island issued a Request for Proposals to deliver at least
5,000 gigawatt hours (GWh) of clean energy to reduce greenhouse gas
emissions and to improve air quality with proposals due on January
28, 2016. The proposed MREI would provide up to 1,200
megawatts of renewable energy from wind energy projects in northern
Maine that are already in the planning and development phase. The
project includes investments in the region's bulk power system to
add approximately 150 miles of new line, new substations and other
improvements. The improvements would be paid for by utility
customers in the states that issued the RFP. "The MREI
offers a cost-effective, flexible, and scalable solution responsive
to the Clean Energy RFP," said Burns. "In addition, these
investments enhance the region's grid reliability and provide
access for the future expansion of renewable resources from Maine
or eastern Canada." Alan Richardson, Emera Maine's
president, said: "MREI offers a number of differentiating elements
that we believe will be very attractive to the states that are
seeking new sources of clean energy. MREI will be able to deliver
that energy on time and at a competitive price because we are
tapping our existing infrastructure." Richardson also noted
that using existing rights-of-way for much of the pathway minimizes
environmental impacts. "The MREI is a high-value, low-cost solution
for the southern New England states' need for clean energy with the
advantages only companies with our resources can offer," said
Richardson. "Emera Maine and CMP are enthusiastic about working
together on solutions for our environment and the region's energy
future." According to an economic analysis, the MREI project
will produce nearly $70 million in annual customer savings across
New England and create thousands of jobs and significant new tax
revenue in Maine. CMP and Emera Maine signed a memorandum of
understanding in 2014 regarding the development of joint projects
that will benefit both the state of Maine and the New England
region. The two companies have a history of working together to
provide a more reliable and resilient grid, including a jointly
owned 182-mile transmission line from Wiscasset, Maine to the
Canadian border. Most recently, CMP completed a $1.4 billion
investment in the Maine bulk power transmission system on schedule
and under budget. The MREI would enhance the regional benefits of
that investment by increasing its role in securing clean energy
resources for the future. For more information about MREI
including a project map, estimated benefits, and contact
information, interested parties can visit the project website:
www.maineREI.com.
About Central Maine Power Company
(CMP): Central Maine Power Company, a subsidiary of
AVANGRID (NYSE:AGR), is Maine's largest electricity transmission
and distribution utility. The company delivers about 9 billion
kilowatt hours of electricity annually to more than 600,000 homes
and businesses.
About AVANGRID: AVANGRID, Inc.
(NYSE:AGR) is a diversified energy and utility company
with $30 billion in assets and operations in 25 states. The company
operates regulated utilities, electricity generation, and natural
gas storage through three primary lines of business. Iberdrola USA
Networks includes eight electric and natural gas utilities serving
3.1 million customers in New York and New England. Iberdrola
Renewables operates 6.3 gigawatts of electricity capacity,
primarily through wind power, in states across the U.S. Iberdrola
Energy Holdings operates 120 Bcf of owned or contracted natural gas
storage and hub service facilities in the South and West. AVANGRID
employs 7,000 people. The company was formed as a business
combination between Iberdrola USA and UIL Holdings in 2015.
AVANGRID remains an affiliate of the Iberdrola Group, a worldwide
leader in the energy industry.
About Emera
Maine: Emera Maine is committed to delivering safe,
reliable electric service. As the state's second-largest electric
utility, the company delivers electricity to over 154,000
residential, commercial and industrial customers across 9,350
square miles in five counties in eastern and northern Maine.
About Emera: Emera is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia
with approximately $11 billion in assets and 2014 revenues of $2.97
billion. The Company invests in electricity generation,
transmission and distribution, as well as gas transmission and
utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation
and the delivery of that clean energy to market. Emera has
investments throughout northeastern North America, and in four
Caribbean countries. Emera continues to target having 75-85% of its
adjusted earnings come from rate-regulated businesses. Emera common
and preferred shares are listed on the Toronto Stock Exchange and
trade under the symbols EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C,
EMA.PR.E, and EMA.PR.F, and the installment receipts are listed and
trade under the symbol EMA.IR. Additional Information can be
accessed at www.emera.com or at www.sedar.com.
For more information about MREI including a project map,
estimated benefits, and contact information, interested parties can
visit the project website: www.maineREI.com.
CONTACT: Gail Rice
gail.rice@cmpco.com
207.622.NEWS
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