CMP parent company stands to make $60 million in project
AUGUSTA, Maine (AP) — The parent company of Maine’s largest electricity utility could earn about $60 million a year through a new project that would bring power from Quebec to Massachusetts.
The Portland Press Herald reports experts estimated the earnings for Avangrid’s proposed 20-year contract. Under the deal, Central Maine Power would transmit power for the New England Clean Energy Connect project.
Massachusetts chose the project after a New Hampshire proposal, Northern Pass, failed to receive state approval. Northern Pass is seeking consideration of the decision.
Avangrid spokesman John Carroll says the estimates are only projections.
CMP says the 145-mile transmission line will save Maine residents about $40 million annually. The utility company says over 1,500 direct and indirect jobs will be created during construction.
The project still needs approval from state and federal regulators.
Information from: Portland Press Herald, http://www.pressherald.com