According to a June 2023 study by Daymark Energy Advisors, both the Aroostook Renewable Gateway – a proposed 100+ mile transmission line being developed by LS Power Grid Maine that will deliver low-cost power to the grid – and a 1,000 MW wind project being developed by King Pine Wind, in Aroostook County, will save Maine ratepayers an estimated $887 million (net present value) on electricity bills over the 25-year life of the project contracts,
The Daymark study, commissioned by LS Power Grid Maine and King Pine Wind Maine, concluded that the transmission line project and wind project together will lower wholesale electricity prices and provide significant cost savings for Maine consumers and businesses. The benefits will result in long-term monthly savings on customer bills.
“Lower energy costs, coupled with the significant investment and inherent economic and environmental benefits, makes these projects huge wins for the State of Maine,” says Paul Thessen, president of LS Power Development.
The study is a conservative assessment as not all the projects’ benefits were included in its analysis. For example, the study does not quantify benefits to air quality and other public health and environmental imperatives, price hedging, fuel diversity, incremental 200 MW of transmission capacity available on the line or regional economic benefits such as new jobs or property taxes.
“The LS Power Aroostook Renewable Gateway and the King Pine Wind farm will help create hundreds of jobs, attract billions of dollars of new investment, and deliver significant new property taxes along their proposed routes,” says Ben Lucas, senior government relations specialist, Maine State Chamber of Commerce.
“As we make this clean energy transition, we must be focused on three things,” adds Lucas. “Saving money for Maine residents and businesses. Creating job opportunities for Maine businesses. And bringing new tax dollars into our host communities. These projects will deliver on all three.”