Reports related to this article:
Project(s): View 11 related projects in PECWeb
Plant(s): View 9 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Eversource Energy (NYSE:ES) (Boston, Massachusetts) is expanding its presence in its home state as it further edges its way into the green-energy market with "micro LNG" (liquefied natural gas) and battery-storage projects. The company recently announced it would purchase the Massachusetts natural gas assets of Columbia Gas for $1.1 billion from NiSource. Industrial Info is tracking $3.15 billion worth of active projects involving Eversource, more than half of which is attributed to transmission and distribution (T&D) projects.
Click on the image at right for a graph detailing Eversource's active projects, by U.S. state.
Eversource is among the Northeastern companies investing in small-scale "micro" plants for liquefied natural gas (LNG) production, such as its four-year, $200 million modernization of its LNG plant in Hopkinton, Massachusetts. The company plans to add equipment to the 40-year-old plant, including an LNG peak shaver, which stores LNG so that it can be deployed during peak demand spikes. The project, which began construction in August, is expected to wrap up toward the end of 2022. For more information, see Industrial Info's project report.
"Over the next five years, we are projecting capital investments of $14.2 billion from our core electric natural gas and water business, as well as the supporting information technology and facilities investments," said Phil Lembo, the chief financial officer of Eversource, in a quarterly earnings-related conference call. "In our electric transmission segment, we expect to invest approximately $4 billion over the next five years."
Massachusetts also is home to several of Eversource's T&D projects, such as the $68.2 million underground line from Woburn to Wakefield, which will run about 8.5 miles and be supported by a $20.6 million upgrade to the Woburn substation and a $14.1 million upgrade to the Wakefield substation. Construction is expected to begin late this summer and last through the third quarter of 2021. For more information, see Industrial Info's project reports on the new line and Woburn and Wakefield substations.
Eversource also expects to finish construction this summer on a $17.3 million reliability line from Walpole to Holbrook, Massachusetts, which would run less than a mile between a pair of substations, and is proposing an estimated $182 million underground line from Somerset, Massachusetts, to the Ocean Grid transmission system offshore of Martha Vineyard Island. The latter, if approved, would run 35 miles and support the interconnection of several windfarms in the area. For more information, see Industrial Info's project reports on the Walpole-to-Holbrook and Ocean Grid lines.
Other T&D projects under construction in New England include the $75 million overhead/underground line from Newington to South Hartford, Connecticut, running about 3.7 miles, and the $37.5 million overhead line from Durham to Portsmouth, New Hampshire, running about 3.9 miles. The projects are expected to wrap up in April and June of this year, respectively. For more information, see Industrial Info's reports on the Connecticut and New Hampshire projects.
"The primary drivers of earnings growth are expected to be our continued investment in our transmission system and the positive impacts of our multiyear regulatory plans in place for our electric and natural gas distribution businesses," Lembo said in the conference call. "In the first half of this year, we are implementing an electric distribution base rate adjustments totaling more than $60 million and a natural gas rate adjustment of nearly $16 million."
Eversource executives also noted that the company is taking advantage of declining costs for renewable energy sources such as battery energy storage systems (BESS), which is expected to see its low-cost trend persist. The Martha Vineyard's Battery Storage project is expected to see its $21 million first phase begin construction toward the end of this quarter, while a $21 million second phase is expected to kick off next summer. The $30 million Outer Cape Battery Storage project in Provincetown, Massachusetts, also is expected to begin construction in March; each project will use lithium-ion batteries to provide backup power for the grid. For more information, see Industrial Info's reports on the Martha Vineyard's Phase I, Martha Vineyard's Phase II and Outer Cape projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing Eversource's active projects, by U.S. state.Eversource is among the Northeastern companies investing in small-scale "micro" plants for liquefied natural gas (LNG) production, such as its four-year, $200 million modernization of its LNG plant in Hopkinton, Massachusetts. The company plans to add equipment to the 40-year-old plant, including an LNG peak shaver, which stores LNG so that it can be deployed during peak demand spikes. The project, which began construction in August, is expected to wrap up toward the end of 2022. For more information, see Industrial Info's project report.
"Over the next five years, we are projecting capital investments of $14.2 billion from our core electric natural gas and water business, as well as the supporting information technology and facilities investments," said Phil Lembo, the chief financial officer of Eversource, in a quarterly earnings-related conference call. "In our electric transmission segment, we expect to invest approximately $4 billion over the next five years."
Massachusetts also is home to several of Eversource's T&D projects, such as the $68.2 million underground line from Woburn to Wakefield, which will run about 8.5 miles and be supported by a $20.6 million upgrade to the Woburn substation and a $14.1 million upgrade to the Wakefield substation. Construction is expected to begin late this summer and last through the third quarter of 2021. For more information, see Industrial Info's project reports on the new line and Woburn and Wakefield substations.
Eversource also expects to finish construction this summer on a $17.3 million reliability line from Walpole to Holbrook, Massachusetts, which would run less than a mile between a pair of substations, and is proposing an estimated $182 million underground line from Somerset, Massachusetts, to the Ocean Grid transmission system offshore of Martha Vineyard Island. The latter, if approved, would run 35 miles and support the interconnection of several windfarms in the area. For more information, see Industrial Info's project reports on the Walpole-to-Holbrook and Ocean Grid lines.
Other T&D projects under construction in New England include the $75 million overhead/underground line from Newington to South Hartford, Connecticut, running about 3.7 miles, and the $37.5 million overhead line from Durham to Portsmouth, New Hampshire, running about 3.9 miles. The projects are expected to wrap up in April and June of this year, respectively. For more information, see Industrial Info's reports on the Connecticut and New Hampshire projects.
"The primary drivers of earnings growth are expected to be our continued investment in our transmission system and the positive impacts of our multiyear regulatory plans in place for our electric and natural gas distribution businesses," Lembo said in the conference call. "In the first half of this year, we are implementing an electric distribution base rate adjustments totaling more than $60 million and a natural gas rate adjustment of nearly $16 million."
Eversource executives also noted that the company is taking advantage of declining costs for renewable energy sources such as battery energy storage systems (BESS), which is expected to see its low-cost trend persist. The Martha Vineyard's Battery Storage project is expected to see its $21 million first phase begin construction toward the end of this quarter, while a $21 million second phase is expected to kick off next summer. The $30 million Outer Cape Battery Storage project in Provincetown, Massachusetts, also is expected to begin construction in March; each project will use lithium-ion batteries to provide backup power for the grid. For more information, see Industrial Info's reports on the Martha Vineyard's Phase I, Martha Vineyard's Phase II and Outer Cape projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
