Another Major Milestone Toward Historic Agreement to Bring Clean Energy to Massachusetts
FOR IMMEDIATE RELEASE
Montreal, Qubec and Augusta, Maine June 14, 2018 Hydro-Qubec and Central Maine Power Company (CMP) a subsidiary of AVANGRID, Inc. (NYSE:AGR), jointly announced the successful conclusion of contract negotiations with the Massachusetts electric distribution companies (EDCs) for the New England Clean Energy Connect (NECEC) 100 percent hydropower project. The Massachusetts EDCs will next file the agreements with the Massachusetts Department of Public Utilities, pursuant to the Massachusetts 83D Clean Energy Request for Proposals.
"We have made important progress with regard to this ground-breaking 20-year agreement, moving us closer towards decarbonization in the Northeast, said "ric Martel, President and Chief Executive Officer of Hydro-Qubec. "In the coming months we'll be working closely with Central Maine Power to complete this important new interconnection project which will not only reduce carbon emissions, but will also bring price stability and supply reliability to the region."
"The conclusion of these negotiations marks a significant step forward for the NECEC and the people of Maine, who will realize lasting economic benefits from this initiative, including new job creation and targeted investments such as expanded broadband access in Western Maine," said Douglas Herling, President and Chief Executive Officer of Central Maine Power. "We appreciate the Commonwealth's bold commitment to bringing additional, clean energy resources into our region, which further enhances the decades-long collaboration among our states and the Province of Qubec. We will continue to advance the project in Maine, where it has received strong support from host communities, the Governor, the leadership of the State Senate and House of Representatives as well as the business community."
The contracts with the Massachusetts EDCs provide for the delivery of approximately 9.45 terawatt hours annually of clean, reliable, baseload power for twenty years. The energy will be supplied by Hydro-Qubec's vast hydropower generating fleet, which means greater reliability and less reliance on fossil fuels during extreme winter weather conditions.
Hydro-Qubec and AVANGRID are grateful that the Commonwealth of Massachusetts and its electric distribution companies are taking this important leap towards a cleaner energy future. We look forward to the next steps in the review and approval process.
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Additional risks and uncertainties are set forth under the Risk Factors in the AVANGRID, Inc. Annual Report on Form 10-K for the year ended December 31, 2017, and the AVANGRID, Inc. Quarterly Report on Form 10-Q for the three months ended March 31, 2018, which are on file with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Hydro-Qubec generates, transmits and distributes electricity. It is Canada's largest electricity producer and is among the world's largest hydropower producers. Its sole shareholder is the Qubec government. It uses almost exclusively renewable generating options, in particular hydropower, and supports the development of other sources of energy, such as wind and biomass, through purchases from independent power producers. Its research institute, IREQ, conducts R&D in energy efficiency, energy storage and other energy-related fields. Hydro-Qubec invests $130 million in research every year.
About Central Maine Power: Central Maine Power Company (CMP), a subsidiary of AVANGRID, Inc. (NYSE:AGR), is Maine's largest electricity transmission and distribution utility. Established in 1899, CMP operates approximately 23,500 miles of distribution lines and 2,900 miles of transmission lines. It serves approximately 624,000 customers across 346 communities in central and southern Maine. For more information, visit www.cmpco.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with $31 billion in assets and operations in 24 U.S. states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England. Avangrid Renewables owns and operates 7.1 gigawatts of electricity capacity, primarily through wind power, with a presence in 22 states across the United States. AVANGRID employs approximately 6,500 people. AVANGRID supports the U.N.s Sustainable Development Goals, received a Climate Development Project climate score of A-, the top score received in the utilities sector, and has been recognized for two consecutive years by Ethical Boardroom as the North American utility with the best corporate governance practices. For more information, visit www.avangrid.com.
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