Army Corps of Engineers Grants Permit to AVANGRID’S New England Clean Energy Connect Clean Energy Corridor

Rhea-AI Summary

AVANGRID (NYSE: AGR) announced the U.S. Army Corps of Engineers has approved the New England Clean Energy Connect (NECEC), a pivotal renewable energy project. This corridor will transport hydropower from Quebec to New England, generating over $570 million for Maine's economy, creating 1,600 jobs, and cutting greenhouse emissions by three million metric tons annually. With a total investment of $950 million, the NECEC aims to be the region's largest renewable energy source, significantly reducing energy costs for consumers while enhancing the local energy grid.

Positive

• Approval of NECEC project by the U.S. Army Corps of Engineers.
• Expected economic impact of over $570 million on Maine's economy.
• Creation of 1,600 jobs during construction.
• Significant reduction in greenhouse gas emissions (3 million metric tons annually).
• Projected cost savings on energy for New England residents.

Negative

• None.

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that the U.S. Army Corps of Engineers has granted approval to the New England Clean Energy Connect (NECEC) Clean Energy Corridor. The NECEC is a renewable energy project being built by AVANGRID to bring hydropower from Quebec to Maine and other parts of New England.

“The Army Corps permit is a significant milestone because it clears the way for construction to begin in the coming weeks,” said AVANGRID President, Robert Kump. “We are excited to start construction on this critical renewable energy project so we can begin to deliver the numerous benefits of NECEC including new local jobs, significant reduction in greenhouse gas emissions, millions of dollars in economic investment and incentives for Maine, and lower energy prices for all of New England. The NECEC is good for Mainers, good for our economy and good for our environment.”

“The NECEC is projected to inject more than $570 million into Maine’s economy and this project will ensure steady work for Mainers in a time of great economic uncertainty,” continued Kump.

“We have already announced more than $300 million worth of contracts that provide much needed jobs and investment in the state and job fairs will be held across Maine this Fall to fill many of the 1600 positions that will be created by this project.”

Following more than three years of extremely rigorous and thorough review and approvals for the project which examined environmental, economic and social impacts, the Army Corps permit is the latest in a series of permits granted by independent regulatory bodies at the state and federal level. All of the regulatory reviews at the state and federal have concluded that the Clean Energy Corridor is environmentally and economically beneficial and good for Maine and New England. The project previously received permits from the Maine Public Utilities Commission, the Maine Land Use Planning Commission, and the Maine Department of Environmental Protection. In addition to municipal level permitting, the remaining required permit for the project is the Presidential Permit from the US Department of Energy, which is required to construct the cross-border transmission component of the line to Quebec.

ABOUT THE NECEC PROJECT

The New England Clean Energy Connect (NECEC) is a $950 million investment that will deliver 1,200 megawatts of renewable hydropower to the New England energy grid in Lewiston, Maine. All of the costs will be paid for by Massachusetts electric customers. Once built, the NECEC will be New England’s largest source of renewable energy, representing a fundamental shift away from fossil fuels while simultaneously lowering energy costs in Maine and New England.

The 145-mile transmission line will be built on land owned or controlled by Central Maine Power. The 53 miles of new corridor on working forest land will use a new clearing technique of tapered vegetation; the remaining two-thirds of the project follows existing power lines created for the state’s hydroelectric industry almost a century ago.

The project will create more than 1,600 good-paying jobs during the two-and-a-half-year construction period and provide $200 million in upgrades to Maine’s energy grid, making Maine’s electricity service more reliable. The NECEC will allow more producers of renewable energy in Maine to get their energy on the grid, and because the corridor project will use clean hydropower, it will reduce the use of fossil fuels, cutting three million metric tons of harmful emissions each year.

For more information about the New England Clean Energy Connect, please visit our website at https://www.necleanenergyconnect.org/

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.