Central Maine Power Co. (CMP) has released a pair of economic impact and benefits reports for the Maine Power Reliability Program (MPRP), a $1.5 billion upgrade of Maine's bulk power transmission system. The reports highlight the creation of approximately 3,300 jobs during the peak years of construction and continuing benefits from efficiency savings and regional payments for Maine utility customers.
The report was prepared by Charles Colgan of the University of Southern Maine.
The MPRP includes a proposal to build a new, 345 kV transmission line from Eliot to Orrington, Maine, as well as new substations and improvements to other existing CMP facilities in nearly 80 towns and cities across the company's service area. The project will be the largest construction project in the state in at least the last 30 years and will create jobs and stimulate spending in Maine's economy, according to CMP.
In the longer term, Maine will benefit by making its grid more reliable and better suited to serve the growing renewable energy industry, while the state's share of the construction and operating costs will be more than offset by gains in grid efficiency and by the fact that Maine customers will pay only about 8% of those costs.
In a second report prepared by CMP, the company identified regional cost-sharing and efficiency benefits that average $39 million per year – more than offsetting the annual average of $18 million that Maine consumers will pay to finance the project's construction.
For more information, visit cmpco.com.
SOURCE: Central Maine Power Co.