Featured Company News – Eversource Energy’s Northern Pass Hydroelectric Transmission Project Granted Presidential Permit by US Department of Energy

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LONDON, UK / ACCESSWIRE / November 21, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Eversource Energy (NYSE: ES), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ES. The Company and its subsidiary, Northern Pass Transmission LLC (NPT), announced on November 16, 2017, that the US Department of Energy (DOE) has approved the Presidential Permit for the Northern Pass hydroelectric transmission project. The DOE has issued a Record of Decision (ROD) which will enable the NPT to construct transmission facilities at the US-Canada border at Pittsburg, New Hampshire. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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NPT had originally applied for Presidential Permit for the Northern Pass project in October 2010, followed by amended applications in July 2013 and August 2015. The permit application was “to construct, operate, maintain, and connect a new electric transmission line across the US-Canada border in northern New Hampshire (NH)”. The Presidential permit will allow the project to cross an international border and connect to the United States grid.

DOE’s Approval

The DOE’s ROD comes after a complete review of the project which was carried out with the involvement of various federal agencies, participation of the public and after evaluation of more than a dozen different alternatives. DOE’s approval comes after it found that giving permit to the project was in public interest and that it would not impact the reliability of electric power system, especially in New England. DOE’s decision was also influenced by the positive recommendations received by the project from the US Departments of State and Defense.

DOE roped in other agencies like US Environmental Protection Agency, the US Forest Service – White Mountain National Forest, the New England District of the Army Corps of Engineers, and the New Hampshire Office of Energy Planning to conduct the extensive review of the Northern Pass project. Even the US Fish and Wildlife Service reviewed the project’s potential impact on threatened and endangered species.

As part of the review process, the US Forest Service (USFS) will issue a separate final ROD to NPT’s application for allowing to bury the transmission line through the White Mountain National Forest. the USFS had proposed to approve NPT’s application in via a draft ROD in September 2017. At that time, it had concluded that the short-term construction impacts of the project are “more than outweighed by the benefits of bringing additional hydropower to the New England grid”.

The Company aims to get all major state and federal permits in place as well as execute all major contractor and equipment contracts in FY17. The project is expected to be completed by Q3 2020 and will be fully functional and in service by end of 2020.

Commenting on the DOE’s approval and ROD, Bill Quinlan, President of Eversource New Hampshire, said:

“We are pleased to see the DOE permitting process for Northern Pass draw to a close, and appreciate the years of diligent work done by the federal agencies in reaching this critical project milestone. With the New Hampshire and Canadian permitting processes also nearing completion, and considering we have all major contractor, equipment and labor agreements in place, Northern Pass is on track to begin construction by mid-2018.”

About the Northern Pass Transmission Project & Benefits

Northern Pass is a 192-mile transmission line project that will bring 1,090 megawatts (MW) of clean, affordable energy from Hydro-Québec’s world-class hydroelectric plants in Canada to New Hampshire and to the rest of New England. The project transmission line begins at the Canadian border in Pittsburg, New Hampshire and extend to Deerfield, New Hampshire where it will connect to the New England grid. Over 80% of the line will be laid along existing transmission corridors or buried along roadways to avoid impact in the White Mountain National Forest area. The project will be controlled by ISO-New England, the regional system operator. The project is expected to provide a reliable and affordable source of power and give a major boost to local economy in terms of new jobs and annual tax revenues.

Benefits include:

Avoiding 3.2 million metric tons of CO2 emissions per year in New England;
whole wholesale electricity market in New England will benefit by approximately $600 million annually and New Hampshire by approximately $62 million annually;
increase New Hampshire’s Gross Domestic Product (GDP) by $2.2 billion during the project’s construction period and within the first 10 years of operation;
Create 2,600 new jobs in New Hampshire during construction.

Local benefits aimed only for New Hampshire

$30 million annually in additional tax revenue to local communities located on the transmission route;
a provision of $7.5 million to the North Country Job Creation Fund to develop and retain jobs in the North Country;
thousands of acres set aside for conservation, recreation, and mixed-use;
$200 million Forward NH Fund to support clean energy innovations, economic development, community investment, and tourism.

About Eversource

Eversource is one of the largest energy transmission and delivery company in New England. It has approximately 3.7 million electric and natural gas customers in Connecticut, Massachusetts, and New Hampshire. The Company is recognized as the top US utility for its energy efficiency programs by the sustainability advocacy organization Ceres. The Company is supported by a dedicated staff of over 8,000 employees across three states.

Last Close Stock Review

Eversource Energy’s share price finished yesterday’s trading session at $63.84, slightly sliding 0.58%. A total volume of 1.49 million shares have exchanged hands. The Company’s stock price rallied 1.48% in the last three months, 4.42% in the past six months, and 23.20% in the previous twelve months. Additionally, the stock surged 15.59% since the start of the year. Shares of the Company have a PE ratio of 20.73 and have a dividend yield of 2.98%. The stock currently has a market cap of $20.44 billion.

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