The following press release was issued Thursday morning.
MANCHESTER, New Hampshire (January 28, 2016) – Northern Pass Transmission (NPT) today submitted a comprehensive proposal to Massachusetts, Connecticut and Rhode Island in response to a joint Clean Energy RFP. The NPT proposal will substantially reduce both energy prices and greenhouse gas emissions, improve winter reliability issues and add much-needed fuel diversity to the region’s energy mix—all while providing unmatched benefits and value for New England electric consumers.
“Our proposal offers the cleanest, most reliable and cost-effective energy product in the marketplace today,” said Tom May, Eversource Chairman, President and CEO. “We are ready to move ahead with our partner, Hydro-Québec (HQ), to help solve New England’s clean energy challenges.”
Northern Pass will bring 1,090 MW of clean, reliable hydroelectricity from HQ’s existing resources over a high voltage transmission line extending from Des Cantons substation in Québec to Deerfield, New Hampshire where the line will interconnect to the New England electric system. Both the New Hampshire and Québec portions of the line are advancing in the siting process, and the project is on-track to be in service in May, 2019. NPT’s bid includes a fixed construction price of $1.6 billion, with the project seeking recovery of a portion of that cost from utilities participating in the solicitation. New Hampshire customers will not pay for the construction of the project.
Hydro-Québec: Providing a Firm Supply of Clean Power All Year Long
HQ is providing a unique delivery commitment to ensure that at least 6.3 terawatt hours (TWh) of firm hydro power from existing resources will be delivered into New England when customers need it the most—during peak demand periods and throughout the year when supplies are scarce and prices are at their highest. This proposal ensures that a guaranteed annual amount of energy is delivered to the New England wholesale energy market at prevailing market prices. HQ will transfer and verify the environmental attributes of the delivered power.
“Hydro-Québec has been a major participant and ally in the New England market for decades now but we can do more, through the guaranteed deliveries that are being proposed in this bid, to help the region meet its greenhouse reduction goals,” said Éric Martel, Hydro-Québec’s CEO. “We firmly believe that this project is an important part of the solution to expanding New England’s clean energy supply and offers increased reliability for both the Québec and New England grids.”
Substantial Clean Energy & Economic Benefits
Northern Pass will reduce carbon dioxide emissions by about 3 million tons a year, helping the region meet future clean energy requirements. In addition, the project will substantially lower and stabilize energy prices, generating billions of dollars in associated business and residential customer savings. With 6,200 direct and secondary jobs during the peak construction period and $600 million in new taxes, Northern Pass will have a significant economic impact in the region.
A World Class Construction Team – Extensive Cost Containment Steps
NPT and HQ have assembled a highly experienced team of contractors and equipment suppliers to complement our strengths as experienced, award-winning project developers. Accordingly, the project’s fixed construction price bid is the result of agreements reached with strategic partners, including Quanta Services, the largest transmission and distribution specialty contractor in North America, who will serve as the general contractor and assume the construction risk. Northern Pass has taken the additional steps to secure pricing on all materials and equipment, including with ABB, who will engineer and construct the underground DC cable and the converter station in Franklin, New Hampshire. All strategic partners have pledged to adhere to Eversource’s “New Hampshire first” commitment in considering qualified, local contractors and workers for project positions before hiring elsewhere.
“We’ve developed this bid as a cost-effective solution to the region’s energy needs, and because we believe it is a win-win for New England consumers,” said Bill Quinlan, President of New Hampshire Operations for Eversource. “Connecticut, Massachusetts and Rhode Island have the opportunity to advance their clean energy goals, while New Hampshire will not only share the inherent clean energy benefits, but will also receive substantial economic and environmental benefits unique to the Granite State.”
The Northern Pass is a 192-mile electric transmission line project that will bring New Hampshire and the rest of New England 1,090 megawatts of clean hydropower. This reliable and affordable source of power will also bring a wide range of benefits exclusively to New Hampshire, including millions of dollars in energy cost savings, additional tax revenue, and jobs during construction. To learn more about Northern Pass, go to www.northernpass.us. You can also email questions to firstname.lastname@example.org or call 1-800-286-7305.
Eversource (NYSE: ES) transmits and delivers electricity and natural gas for more than 3.6 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire. Eversource harnesses the commitment of its more than 8,000 employees across three states to build a single, united company around the mission of delivering reliable energy and superior customer service. For more information, please visit our website (www.eversource.com) and follow us on Twitter (@EversourceCorp) and Facebook (facebook.com/EversourceEnergy).
Hydro‑Québec generates, transmits and distributes electricity. Its sole shareholder is the Québec government. While using mainly hydroelectric generation, it supports the development of other technologies—such as wind energy and biomass—through purchases from independent power producers. It also conducts R&D in energy-related fields, including energy efficiency. The company has four divisions: Hydro-Québec Production, Hydro-Québec Transénergie , Hydro-Québec Distribution and Hydro-Québec Équipement et services partagés and Société d’énergie de la Baie James (SEBJ), a subsidiary of Hydro‑Québec. For more information, please visit our website and follow us on Twitter (@HydroQuébec)