8-KOther Events

EVERSOURCE ENERGY 8-K Report, Corporate Update (Sep 29, 2010)

Filed September 29, 2010For Securities:ES

Summary

Eversource Energy (formerly Northeast Utilities) announced a significant development regarding the Greater Springfield Reliability Project (GSRP) on September 28, 2010. The Massachusetts Energy Facilities Siting Board (EFSB) issued a Final Decision approving the construction of the Massachusetts portion of the GSRP, a critical infrastructure project. This approval, largely consistent with Western Massachusetts Electric Company's (WMECO) proposed design and preferred route, represents a major step forward for the project. The GSRP is a key component of Northeast Utilities' broader New England East-West Solution (NEEWS) initiative, aimed at enhancing the region's energy grid reliability. While the EFSB decision is subject to a twenty-day appeals period, it allows WMECO and its affiliate, The Connecticut Light and Power Company (CL&P), to proceed with planning and initial construction. The project, which spans 23 miles in Massachusetts and 12 miles in Connecticut, is estimated to cost approximately $714 million, though the final cost is under review following the EFSB's decision. Construction is expected to commence in late 2010, with substantial work in 2011, and the project is slated for completion and service in 2013. This regulatory approval is a positive signal for the project's progression and its anticipated contribution to regional energy infrastructure.

Key Highlights

  • 1Massachusetts EFSB granted final approval for the 23-mile Massachusetts portion of the Greater Springfield Reliability Project (GSRP) on September 28, 2010.
  • 2The approval largely aligns with Western Massachusetts Electric Company's (WMECO) preferred route and project design.
  • 3The GSRP is a crucial component of Northeast Utilities' (NU) New England East-West Solution (NEEWS) initiative.
  • 4The Connecticut portion of the GSRP, to be built by The Connecticut Light and Power Company (CL&P), was approved by the Connecticut Siting Council in March 2010.
  • 5The estimated cost of the GSRP is $714 million, with the total cost currently under evaluation post-decision.
  • 6Initial construction is anticipated to begin in Q4 2010, with major construction and the project's in-service date expected in 2013.

Frequently Asked Questions

The GSRP is an approximately 35-mile (23 miles in Massachusetts and 12 miles in Connecticut) transmission line project designed to enhance the reliability of the electric grid in the New England region. It is a key part of Northeast Utilities' larger New England East-West Solution (NEEWS) initiative.

The Final Decision from the Massachusetts Energy Facilities Siting Board (EFSB) granted approval for Western Massachusetts Electric Company (WMECO) to construct the Massachusetts segment of the GSRP. This is a critical regulatory milestone that allows the project to move forward.

Northeast Utilities (NU) currently estimates the total cost of the GSRP to be $714 million, although this is subject to ongoing evaluation following the EFSB's decision. Initial construction is expected to start in the fourth quarter of 2010, with the project anticipated to be placed in service in 2013.

Yes, the EFSB's decision is subject to a twenty-day appeals period. While a significant regulatory hurdle has been cleared, there is a possibility of appeals that could impact the project's progression.