Below is the press release regarding the power purchase agreement between Eversource and Hydro-Québec.
MANCHESTER, N.H. (July 25, 2017) – Public Service Company of New Hampshire (PSNH) d/b/a Eversource Energy and Hydro Renewable Energy Inc. (HRE), an indirect wholly-owned subsidiary of Hydro-Québec, have announced their intent to work to replace their existing Power Purchase Agreement (PPA) with an alternative agreement to provide New Hampshire customers with environmental and potential future economic benefits as part of the Northern Pass Transmission (NPT) project.
“We recognize the importance of delivering value to New Hampshire and are pleased to be cooperating with our partner on a new approach that will result in unique and significant benefits for the Granite State,” said Bill Quinlan, president of Eversource operations in New Hampshire. “PSNH remains firmly committed to pursuing opportunities to lower energy costs for our customers above and beyond the $62 million in annual energy cost savings for New Hampshire consumers.”
“Hydro-Québec is committed to working with Eversource to provide the value of Quebec hydropower environmental attributes to the state of New Hampshire, in addition to the benefits associated with the operation of the Northern Pass Project,” said Steve Demers, Vice-President – Business Development of Hydro-Québec.
In March, the NH Public Utilities Commission (PUC) dismissed the original PPA on the grounds that the agreement was not consistent with the state’s electric restructuring law. A subsequent attempt by New Hampshire lawmakers to address issues raised by the PUC has yet to advance. Importantly, the commitment associated with today’s announcement will be consistent with the PUC’s decision and comes at no cost to New Hampshire customers.
Through the commitment announced today, the parties will work toward an agreement to provide to PSNH the environmental attributes associated with an annual volume of clean energy delivered into the New England region. PSNH would be able to utilize those attributes to satisfy future clean energy requirements and direct any benefits to New Hampshire customers.
There is a clear need to lower energy costs in New England, as well as a growing demand for additional sources of clean energy as the region faces the retirement of many older generating units and the need to achieve the region’s environmental objectives. Together with the competitively-priced and abundant clean energy Northern Pass will provide, the commitment by PSNH and HRE announced today represents significant economic and environmental benefits for New Hampshire.
Eversource (NYSE: ES) is New Hampshire’s largest electric utility, serving more than 500,000 homes and businesses in 211 cities and towns and is proud to be recognized as the top contributor to United Way in New Hampshire. Recognized as the top U.S. utility for its energy efficiency programs by the sustainability advocacy organization Ceres, Eversource harnesses the commitment of its approximately 8,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and superior customer service. For more information, please visit our website (www.eversource.com) and follow us on Twitter (@eversourceNH) and Facebook (facebook.com/EversourceNH).