PROJECT BENEFITS
NECEC will harness Canadian hydropower and transmit clean energy into the New England electric grid, which connects all six New England states. The new HVDC line enters the electric grid in Lewiston, Maine, one of the strongest connection points in the power system.
Maine and the other New England states will benefit from the subsequent price suppression in electrical rates and the reduction in greenhouse gas emissions from this new source of renewable power. Maine will also benefit from the creation of thousands of jobs during permitting and construction, new local tax revenue, increased gross domestic product (GDP) and cleaner air.
ENVIRONMENTAL BENEFITS
CO2 REDUCTION
3.0-3.6 MILLION metric tons reduction in regional CO2 emissions PER YEAR
CLIMATE CHANGE GOALS
The equivalent to at least 700,000 fewer cars on the road
LESS DEPENDENCE ON FOSSIL FUELS
Lower future natural gas costs and consumption. Generation resource replacement and diversification.
ECONOMIC & PROJECT DEVELOPMENT BENEFITS
LOWER ELECTRICITY RATES
$14-44 MILLION per year in lower future electricity costs in Maine
1,600 CONSTRUCTION JOBS
1,600 JOBS per year average increase during construction
STATION UPGRADES
$200 MILLION in grid investments and upgrades
MILLIONS FOR MAINE’S ECONOMY
$573 MILLION increase in the state’s Gross Domestic Product during construction
WORKER COMPENSATION
$440 MILLION in total worker compensation during construction
LOCAL TAX REVENUE
$18 MILLION per year increase in host community tax revenues
COMMUNITY BENEFITS
ECONOMIC DEVELOPMENT AND TOURISM
$10.5M for economic development and promotion of regional tourism
EDUCATION FUNDING
$6M for education funding, UMF, UMO, Franklin and Somerset Counties
PASSAMAQUODDY TRIBAL BENEFITS
$3M in benefits to the Passamaquoddy Tribe
BROADBAND ACCESS
$15M for fiber optic and broadband expansion
LOW-INCOME RATE RELIEF
$50M for low-income consumer rate relief
INVESTMENTS TO LOWER ENERGY BILLS
$140M for consumer rate relief (40yrs.)
ELECTRIC VEHICLE SUPPORT
$15M for electric vehicle infrastructure AND REBATES
HEAT PUMP FUND
$15M for heat pump support
SNOWMOBILE TRAILS
More than 50 miles of expanded snowmobile and recreational trail opportunities
SECURITIZATION
$1M for securitization (an option to accelerate the receipt of benefits)
LAND PRESERVATION
nEARLY 43,000 acres of conserved land
CLEAN RENEWABLE POWER
$2.5M for decarbonization & Maine energy resource planning studies (by 2022)