Quebec portion of the project valued at nearly $620M
Hydro-Québec won the biggest energy deal in its history Thursday as authorities in Massachusetts approved its proposed Northern Pass Transmission project.
The 20-year deal will generate millions in revenue for the public utility, although the exact financial details of the project have yet to be finalized.
This is a joint project between the public utility and Eversource, a New England energy provider.
The deal will help bring “clean, affordable power” to New England, said Eversource executive vice president Lee Olivier.
It will be a major boost for Hydro-Québec as the utility works to double its revenue by 2030.
“We are delighted and proud to have been selected,” Éric Martel, president of Hydro-Québec, said in a news release.
“This is a historic step that confirms the great value of our clean energy and the importance of its role in the ongoing energy transition in New England.”
Prioritizing reducing carbon emissions
The project first came about in 2010 when reducing carbon emissions became a priority in New England, Northern Pass spokesperson Martin Murray told CBC Montreal’s Homerun.
He said the state of Massachusetts then enacted a law requiring the utilities that provide electricity to the citizens of that state to “provide a certain amount of clean energy.”
The Quebec portion of the power project, which is expected to be completed by 2020, is valued at nearly $620 million, but that is expected to rise by $60 million since some of the transmission line needs to be buried.
Hydro-Québec’s proposal was among 40 that were submitted in a call for tenders in 2016.
