Vermont Electric Power Company (VELCO) and GridAmerica Holdings,
Inc., a part of National Grid Ventures, the non-regulated affiliate
of National Grid, today announced that they have signed a
Memorandum of Understanding (MOU) and a services agreement to
support the Granite State Power Link (GSPL) project. GSPL is a
proposed clean energy project that will transmit new Canadian wind
energy to New England via a new overhead transmission line located
in an expanded existing right-of-way owned by, VETCO, a VELCO
managed company.
“VELCO is pleased to extend our working
relationship with National Grid by joining them on this regional
project,” said Tom Dunn, President and CEO of VELCO. “If the
Granite State Power Link project is selected for the Massachusetts
Clean Energy RFP, our contract ensures that an established Vermont
company with a proven track record for completing complex electric
transmission projects on time and on budget will be leading the
project management and land acquisition effort within Vermont.
VELCO’s responsibility is to provide safe, reliable electricity and
to serve the public good consistent with Vermont values. This
agreement advances VELCO’s vision to help Vermont create a clean
energy future.”
By expanding an existing transmission
right-of-way, GSPL will construct a new 59-mile overhead
transmission line with 53 miles built adjacent to VELCO’s existing
transmission line in the Northeast Kingdom. Another six miles will
be built in Littleton and Monroe, New Hampshire, with converter
stations on each end of the line.
Under the signed agreements, Vermont Transco
LLC, acting through VELCO as its manager, will collaborate as a
contractor with GridAmerica to permit and construct the Granite
State Power Link. This will create economic opportunity, as well as
deliver long-term rate relief to Vermont electricity customers of
nearly $3 million per year for 40 years.
“This partnership is very important in
supporting local Vermont jobs and reducing our electric rates for
the foreseeable future,” said State Senator Jane Kitchel, Caledonia
District. “Granite State Power Link continues to listen to our
needs and develop solutions that will yield positive results for
Vermont.”
“VELCO is a trusted name in Vermont and tapping
their local expertise furthers our commitment to ensuring a strong
result for all Vermonters now and into the future,” said Will
Hazelip, Vice President of U.S. Business Development, National Grid
Ventures. “We are confident that this collaboration will deliver on
our promises to build a clean energy project that minimizes
environmental impact, and maximizes economic, wildlife and
recreational opportunities, while creating jobs and reducing energy
costs in Vermont.”
GSPL offers, at a minimum, the following direct
benefits to Vermont as a result of the Granite State Power
Link:
- Over $450 million in local and
state property tax revenue.
- $20 million for job creation and
retention, and economic development in the Northeast Kingdom via
revolving loan funds and economic and community development grants
through a partnership with the Northeastern Vermont Development
Association (NVDA).
- $487 million in rate reductions
within the first ten years of the project.
- $3 million a year for 40 years in
rate relief through payments to Vermont Transco LLC, a company
structured to return earnings to Vermont.
- Millions of dollars in low income
energy assistance from Citizens Energy.
- Enhanced wildlife, habitat and
recreational opportunities.
GSPL has earned support from nearly 50 percent
of the Vermont route communities (with one host community agreement
signed), state legislators representing route communities in the
Northeast Kingdom of Vermont, the NVDA, and the Vermont Association
of Snow Travelers. The project also has the support of over two
dozen New Hampshire state legislators, three New Hampshire towns, a
Grafton County Commissioner, the Central New Hampshire Chamber of
Commerce, the International Brotherhood of Electrical Workers 104
and 490, and scores of residents.
The project is currently in permitting and, once
approved, is scheduled to begin construction in mid-2020 with an
end of year 2022 in-service date.
###
About Granite State Power Link
The Granite State Power Link (GSPL), a project
co-developed by National Grid and Citizens Energy, will deliver
1,200 MW of clean, affordable Canadian wind power to New England.
Staying within or adjacent to existing transmission corridors, GSPL
will build approximately 59 miles of new HVDC (direct current)
transmission line from a new converter station in northern Vermont
to a new converter station in Monroe, New Hampshire. From Monroe,
the interconnection point, approximately 109 miles of existing AC
(alternating current) transmission line will be upgraded to a new
switching station in Londonderry, New
Hampshire. Visit www.GraniteStatePowerLink.com for
more about GSPL.
About National Grid VenturesNational Grid
Ventures is a separate unit within National Grid plc that operates
a broad renewable energy portfolio across the US and UK—focused on
accelerating a clean energy transition. NGV’s partnership with GSPL
is being conducted through GridAmerica Holdings Inc., a
non-regulated indirect subsidiary of National Grid plc.
For more information, please visit
nationalgrid.com/ventures.
About VELCOVermont Electric Power Company
(VELCO) provides reliable, cost effective and environmentally sound
electric transmission services to in-state electric distribution
companies. Formed in 1956 when local utilities established the
nation's first "transmission only" company to access clean hydro
power from New York, VELCO's system now includes: 738 miles of
transmission lines, 55 substations, switching stations and terminal
facilities, and 13,000 acres of rights-of-way; and a 1,500-mile
fiber optic network that monitors and controls the electric system
and serves as a key link for Vermonters' high-speed data internet
access. Ownership is shared by the state's 17 distribution
utilities and a public benefits corporation, with a for-profit
structure that returns value to our shareholders, their customers
and to every Vermonter. For more information please visit our
website at www.velco.com.
About Vermont Transco, LLCVermont Transco is the
limited liability corporation that owns Vermont’s high-voltage
electric transmission system. VT Transco provides serve to the
utilities that directly serve Vermont homes and businesses, as well
as a small area of New Hampshire, and interconnects with New
England’s regional grid. VELCO manages the Vermont Transco
LLC system, and in that capacity, operates and maintains
Vermont’s electric transmission system, as it has since
1956.
About VETCOVETCO is a wholly owned subsidiary of
VELCO that was organized for the purpose of constructing and
operating the Vermont portion of the Phase I Québec–New England
HVDC Interconnection, a high-voltage direct current transmission
line transmitting power from Canada to Vermont and other New
England states. The creation and ownership of VETCO was authorized
by the Vermont Public Utility Commission in 1982.
Shana Louiselle
VELCO
Phone: 802-353-9346
E-Mail: slouiselle@velco.com
Christine Milligan
National Grid
Phone: 781-22-0373
E-Mail: Christine.Milligan@nationalgrid.com
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