WALTHAM,
Mass., Oct. 30, 2023 /PRNewswire/ --
The U.S. Department of Energy (DOE) today announced Twin
States Clean Energy Link, National Grid's proposed transmission
project to support New England's climate, clean energy, and energy
security goals, has been selected as one of three projects
nationwide to receive investment through the U.S. Bipartisan
Infrastructure Law's Transmission Facilitation Program. The project
has received unprecedented support from community members and key
stakeholders across New Hampshire,
Vermont, and across New
England.
"This is an important step forward for Twin States as we work to
make the project a reality for the region," said
Stephen Woerner, New England President, National Grid. "DOE
has recognized the significant economic and environmental
benefits of this project to New England communities, residents and
businesses and we're grateful for this recognition from
our federal partners. This project would be a win for the
New England region, and we thank our
stakeholders and the many route communities for
their strong support. We look forward to working with DOE on the
next steps in the TFP process and continuing our deep engagement
with the communities and our regional partners to bring this
project to fruition."
"To realize the full benefit of the nation's goal of 100% clean
electricity by 2035, we need to more than double our grid capacity
and President Biden's Investing in America agenda puts us in
position to do just that," said U.S. Secretary of Energy
Jennifer M. Granholm. "This historic
effort to strengthen the nation's transmission will drive down
costs for American families and deliver thousands of good paying
jobs for American workers—helping communities keep the lights on in
the face of climate change-induced extreme weather events."
Through DOE's Transmission Facilitation Program, a
$2.5 billion revolving fund to help
overcome the financial hurdles associated with upgrading and
building new, large-scale transmission lines, DOE is entering into
capacity contract negotiations with three interregional
transmission line projects that will strengthen grid resilience and
reliability and enable the addition of more clean energy resources
to the grid. Through capacity contracts, DOE will commit to
purchasing a percentage of the total proposed capacity of the
eligible transmission line. By offering capacity contracts, DOE
increases the confidence of additional investors, encourages
additional customers to purchase transmission line capacity, and
reduces the overall risk for project developers. Therefore,
Twin States remains subject to finalizing contractual arrangements
and investment plans. National Grid will continue to
engage with DOE in the coming months on various
aspects of the project to identify the best path
forward through the Transmission Facilitation
Program and secure maximum benefits to our communities
and the region.
Twin States will deliver clean energy from Canada, including hydropower, to New England
to support the region's carbon reduction goals and increase the
supply of affordable clean energy. As a bi-directional line, Twin
States will enable clean energy producers in New England, such as
offshore wind, to export excess capacity to Quebec during times of lower domestic demand,
providing a critical boost to the region's clean energy
economy.
The project is projected to lower costs for customers across New
England, creating more than $8.3
billion in wholesale energy market cost savings over the
first twelve years of operation alone, according to an independent
market assessment based on current project estimates. The proposal
is unique in that it utilizes roadway burial and existing
transmission corridors in Vermont
and New Hampshire to deliver 1,200
MW of clean energy directly to where it's needed most, while
unlocking new renewable development potential in the region.
Twin States is projected to generate hundreds of millions of
dollars in new property tax revenues to host state cities and towns
through which the line passes. It is also projected to contribute
millions more in lease payments to Vermont and New
Hampshire for underground burial of the lines along state
roadways.
In addition, as part of the consideration for the project,
National Grid and Citizens Energy Corporation are assembling an
innovative $260 million community
benefits program, of which at least 40% will be dedicated to
disadvantaged communities throughout New England. The project is
expected to create 1,200 well-paying jobs during construction. The
reduction of electricity bills for customers and businesses across
New England is expected to create significant economic growth,
generating an estimated average of 3,700 jobs per year across the
region.
"We are excited to partner with National Grid on the Twin States
Clean Energy Link to help build a greener and more resilient grid,"
said Citizens Energy President Joseph P.
Kennedy III. "By linking renewable energy generation to
population centers while providing benefits to host communities, we
are innovating the model for building much-needed transmission
projects. We appreciate the commitment of President Biden to
building out the clean energy grid of the 21st century
through supporting projects like Twin States."
National Grid is working closely with communities and local
economic development partners to understand how the project's
benefits program can best support local needs. As part of this
process, National Grid has held dozens of public presentations,
open houses in route communities in both states and other listening
sessions to understand how Twin States can maximize its benefits
for the region, beyond creating jobs, lowering energy costs, and
combatting climate change through reducing our dependence on
natural gas to generate electricity. Visit the Twin States website
to learn more: Twin States Clean Energy Link | For a Greener New
England Grid.
Support for Twin States Clean Energy Link
About National Grid
National Grid (NYSE: NGG) is an electricity, natural gas, and
clean energy delivery company serving more than 20 million people
through our networks in New York
and Massachusetts. National Grid
is focused on building a smarter, stronger, cleaner energy future —
transforming our networks with more reliable and resilient energy
solutions to meet state climate goals and reduce greenhouse gas
emissions.
For more information, please visit our website, follow us
on Twitter, watch us on YouTube, like us
on Facebook and find us on Instagram.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/biden-harris-administration-selects-national-grids-twin-states-clean-energy-link-as-part-of-1-3-billion-commitment-to-build-out-nations-transmission-infrastructure-301971701.html
SOURCE National Grid
