The New Hampshire Site Evaluation Committee’s final hearings on Northern Pass continue today with a look at the technical, financial and managerial capabilities of the project. Final hearings began on Thursday with a discussion about the Northern Pass route, the Forward NH Plan, benefits for New Hampshire and the Massachusetts Clean Energy RFP.
Today’s hearing will include Kenneth Bowes, Eversource Vice President of Engineering, who is responsible for engineering activities for Eversource’s electric transmission and distribution system, and Michael Auseré, Certified Public Accountant and Vice President of Energy Planning and Economics for Eversource, who will speak to Northern Pass’ financial capability to construct and operate the project.
Other topics that will likely be discussed include:
- Northern Pass Transmission LLC (NPT) has the financial capability to construct and operate the project
- NPT is a direct, wholly owned subsidiary of Eversource Energy Transmission Ventures, Inc. (“EETV”)
- EETV is a direct, wholly owned subsidiary of Eversource Energy, Inc.
- The financial strength of Eversource assures that adequate funds will be available for construction of the Northern Pass transmission line
- Under the Transmission Service Agreement (TSA) between NPT and Hydro Renewable Energy Inc. (HRE), NPT will construct, finance and own the Northern Pass transmission line, and recover its costs through the revenues it receives for use of the transmission line to deliver energy into the New England wholesale market
- Eversource has a proven track record in financing energy infrastructure and holds an investment-grade credit rating – currently one of the highest in the nation
- Hydro-Québec, parent company of HRE, is owned by the province of Québec, Canada and has been selling power to New England for decades
- Underground construction of the entire project route would render the project uneconomic
- NPT and HRE intend to participate in the Massachusetts Clean Energy solicitation and will amend or supplement the TSA, as may be necessary, based on the outcome of that solicitation