Massachusetts ratepayers to pay extra $512M for transmission line for Canadian hydropower [Financial Post (Toronto, Ontario, Canada)]
IBERDROLA SA S/ADR (IBDRY)
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Source: Financial Post
PORTLAND, Maine (AP) — Three Massachusetts utilities and Central Maine Power's parent company have agreed that Massachusetts ratepayers must shoulder $512 million in additional costs caused by delays in construction of a power transmission project in Maine that will allow Canadian hydropower to reach the New England power grid. Proponents said Wednesday that the project aimed at supplying enough clean energy to power about 1 million homes still represents a good deal despite delays and new costs. “Even with these unanticipated costs, this is clean energy at a pretty good price. I'm not sure we'll be at prices this low in the future. So we should grit our teeth, absorb the extra expense and get on with it,” said Massachusetts state Sen. Michael Barrett of Lexington, co-chair of the Legislature's Telecommunications, Utilities and Energy Committee. The project's cost grew from $1 billion to at least $1.5 billion because of inflation and delays caused by opponents, requiring the
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