(May 9, 2017) – The New Hampshire House Science, Technology and Energy Committee (ST&E) voted today, 20-1, to retain SB 128, a bill aimed at clarifying the authority of the NH Public Utilities Commission (PUC) under New Hampshire’s electric restructuring law to consider opportunities by electric utilities to lower consumers’ energy costs.
Clarifying the authority of the New Hampshire PUC to assess the benefits of such measures would ensure consideration of a power purchase agreement (PPA) between Public Service of New Hampshire (PSNH) and Hydro-Québec (HQ). The proposed PPA would provide 100 MW of favorably priced Northern Pass power to PSNH customers for 20 years.
Importantly, the PPA is not a requirement for state siting approval of Northern Pass by the New Hampshire Site Evaluation Committee. Rather, it was provided in response to New Hampshire stakeholders’ requests for unique clean energy benefits from Northern Pass, above and beyond those received by other New England states.
“We understand the importance of considering this proposed legislation carefully,” said Bill Quinlan, President of NH Operations at Eversource. “We are committed to continuing to work intently with the NH Legislature, the PUC, and other parties to identify solutions for delivering much-needed energy rate relief for our customers.”
“We stand by our commitment to our New Hampshire neighbors, and look forward to delivering the benefits of the PPA in the future, should such an opportunity arise” said Steve Demers, Hydro-Québec’s Vice President of Business Development.
The PPA is only one element of Northern Pass’ robust Forward NH Plan, which will provide more than $3 billion in benefits to New Hampshire. A significant component of this plan is an estimated $600 million annually in regional energy cost savings separate and apart from the PSNH-HQ PPA. These savings result by adding a new and substantial supply of reliable power to the region’s electric grid at Deerfield, NH, which results in a more competitive market and lowers wholesale energy power prices for all New England consumers. New Hampshire’s share of this reduction is projected to be more than $60 million a year.
The Forward NH Plan will also provide about $30 million annually in new tax revenues, create about 2,600 construction jobs, and provide $200 million in funding for community betterment, economic development, clean energy and tourism. Moreover, Northern Pass will reduce CO2 emissions by more than 3 million tons a year.
SB 128 will remain in the House ST&E Committee for further work and consideration this session. The Committee has until the end of 2017 to vote on the bill. SB 128 will then move to the full NH House of Representatives for a vote in January, at the start of its 2018 session.
Northern Pass is in the final stages of securing necessary state and federal permits, with decisions expected this year.