CENTRAL MAINE POWER PROPOSES A 550 MW CLEAN ENERGY PROJECT
AUGUSTA, Maine, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Central Maine Power, a subsidiary of AVANGRID (NYSE:AGR), has announced a proposal to deliver more clean energy to New England. On Thursday, the utility submitted the Maine Clean Power Connection (MCPC) in response to the Request for Proposals for Clean Energy and Transmission issued in November 2015 by state agencies and utilities in Connecticut, Massachusetts, and Rhode Island . The MCPC will provide an efficient, viable pathway for electricity from several generation projects currently under development to reach the southern New England states.
"Central Maine Power is excited to offer this cost-effective solution to meet New England's need for clean, renewable energy," said CMP President and CEO Sara Burns. "By building on our existing system and using existing corridors in many cases, the MCPC can bring maximum benefit to Maine and New England with minimal impact to the environment."
If selected, the MCPC would provide significant environmental and economic benefits to all electric customers in New England. The project would reduce carbon emissions from the region's energy supply, and the integration of these resources into the regional energy mix would put downward pressure on wholesale electricity prices.
AVANGRID is one of the largest energy and utility companies in the U.S. with operations in 25 states and a member of the Iberdrola Group, a global energy leader.
"CMP has a proven track record for successful completion of major transmission projects," said Bob Kump, chief executive officer of AVANGRID's networks company. "Few companies can match CMP's recent success with of the $1.4 billion Maine Power Reliability Program, which was completed on schedule and under budget."
The MCPC proposal would expand Maine's bulk power transmission system to gather and transmit up to 550 MW of clean energy. The project includes a new 345 kV substation near Johnson Mountain Township and a new 66-mile transmission line connected to the company's existing grid in Pittsfield, Maine. Communities in the region would benefit from employment and local spending related to the construction of the facilities and increase property tax revenues. Construction of the MCPC would be paid for by utility customers in the states that issued the RFP.
Burns is confident in MCPC's success.
"CMP has done significant development and design work in order to present a strong and effective proposal," she said. "Our detailed financing, permitting and construction plan offers assurance to the soliciting parties that CMP is committed to completing MCPC on-time and on-budget."
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.
