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Researched by Industrial Info Resources (Sugar Land, Texas)--Eversource Energy (NYSE:ES) (Boston, Massachusetts), New England's largest energy company and transmission builder, is pushing forward with a series of wind-energy and transmission & distribution (T&D) projects across New England, following a major agreement with one of the world's top wind-energy developers. Industrial Info is tracking more than $2.5 billion in active projects involving Eversource, more than $1.8 billion of which is attributed to T&D projects.
Click on the image at right for a graph detailing Eversource's active projects, by U.S. state.
Eversource expects to spend roughly $12.75 billion on capital projects over the next five years, executives said in a quarterly earnings-related conference call, with between $1.1 billion and $1.2 billion per year on electric-distribution projects and solar projects in Massachusetts. The total represents a $1.5 billion increase when compared with a plan announced last year to cover the same period.
One of the largest potential projects being studied is the estimated $550 million Constitution Wind Project off the coast of New London, Connecticut. The 40-turbine windfarm would generate 200 megawatts (MW). If constructed, if will be Connecticut's first offshore windfarm. For more information, see Industrial Info's project report.
The project is fueled by an agreement earlier this month between Eversource and Ørsted US (Boston, Massachusetts), a global leader in offshore wind development. The companies announced they would form a 50:50 partnership in the U.S. Northeast, with Eversource taking a 50% interest in Ørsted's Revolution and South Fork windfarm projects, as well as a 257-square-mile tract off the coasts of Massachusetts and Rhode Island. Ørsted acquired all three assets in November 2018 as part a separate transaction, according to a press release from both companies.
The estimated $406 million Revolution windfarm near Chilmark, Massachusetts, and the $740 million South Fork windfarm near Montauk, New York, are in their early planning stages, where plenty of factors could alter or eliminate the projected spending. The offshore facilities would generate 204 and 90 MW, respectively, from 34 and 15 turbines. For more information, see Industrial Info's reports on the Revolution and South Fork projects.
Eversource also announced it would press forward with a slew of transmission projects, including the Greater Hardford Central Connecticut Project, which covers 27 projects across the state. With 23 of the 27 completed, Eversource is shifting its attention to several that it expects to complete later this year: a $75 million underground transmission line from Newington to South Hartford, which runs 3.7 miles between an $8 million substation in Newington and an $8 million substation in South Hartford. The capacity will be 115 kilovolts (kV). For more information, see Industrial Info's reports on the transmission line, Newington substation and South Hartford substation.
The company is planning 28 upgrades, including seven new transmission lines, as part of its Greater Boston Reliability Project. Eversource says the project is designed to improve reliability and address a growing need for electricity identified by ISO-NE, New England's power grid manager. All but three of the projects are expected to be completed by the end of the year, including a $16 million substation in the East Eagle neighborhood, which would service a $2.5 million line to the Chelsea Substation, running 1.5 miles underground, and a $5 million line to the Mystic Substation, running 3.23 miles underground. For more information, see Industrial Info's reports on the substation, Chelsea line and Mystic line.
Eversource reported earnings of $1.03 billion in full-year 2018, a 4.55% increase from 2017. "We continued to provide top-tier levels of safe and reliable electric, natural gas and water service for nearly 4 million New England customers, despite some significant challenges that Mother Nature threw our way," said Jim Judge, chief executive officer of Eversource, in a quarterly earnings-related press release.
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 expects to spend roughly $12.75 billion on capital projects over the next five years, executives said in a quarterly earnings-related conference call, with between $1.1 billion and $1.2 billion per year on electric-distribution projects and solar projects in Massachusetts. The total represents a $1.5 billion increase when compared with a plan announced last year to cover the same period.
One of the largest potential projects being studied is the estimated $550 million Constitution Wind Project off the coast of New London, Connecticut. The 40-turbine windfarm would generate 200 megawatts (MW). If constructed, if will be Connecticut's first offshore windfarm. For more information, see Industrial Info's project report.
The project is fueled by an agreement earlier this month between Eversource and Ørsted US (Boston, Massachusetts), a global leader in offshore wind development. The companies announced they would form a 50:50 partnership in the U.S. Northeast, with Eversource taking a 50% interest in Ørsted's Revolution and South Fork windfarm projects, as well as a 257-square-mile tract off the coasts of Massachusetts and Rhode Island. Ørsted acquired all three assets in November 2018 as part a separate transaction, according to a press release from both companies.
The estimated $406 million Revolution windfarm near Chilmark, Massachusetts, and the $740 million South Fork windfarm near Montauk, New York, are in their early planning stages, where plenty of factors could alter or eliminate the projected spending. The offshore facilities would generate 204 and 90 MW, respectively, from 34 and 15 turbines. For more information, see Industrial Info's reports on the Revolution and South Fork projects.
Eversource also announced it would press forward with a slew of transmission projects, including the Greater Hardford Central Connecticut Project, which covers 27 projects across the state. With 23 of the 27 completed, Eversource is shifting its attention to several that it expects to complete later this year: a $75 million underground transmission line from Newington to South Hartford, which runs 3.7 miles between an $8 million substation in Newington and an $8 million substation in South Hartford. The capacity will be 115 kilovolts (kV). For more information, see Industrial Info's reports on the transmission line, Newington substation and South Hartford substation.
The company is planning 28 upgrades, including seven new transmission lines, as part of its Greater Boston Reliability Project. Eversource says the project is designed to improve reliability and address a growing need for electricity identified by ISO-NE, New England's power grid manager. All but three of the projects are expected to be completed by the end of the year, including a $16 million substation in the East Eagle neighborhood, which would service a $2.5 million line to the Chelsea Substation, running 1.5 miles underground, and a $5 million line to the Mystic Substation, running 3.23 miles underground. For more information, see Industrial Info's reports on the substation, Chelsea line and Mystic line.
Eversource reported earnings of $1.03 billion in full-year 2018, a 4.55% increase from 2017. "We continued to provide top-tier levels of safe and reliable electric, natural gas and water service for nearly 4 million New England customers, despite some significant challenges that Mother Nature threw our way," said Jim Judge, chief executive officer of Eversource, in a quarterly earnings-related press release.
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/.
