Eversource Secures Strategic 26-Acre Energy Hub for Renewable Power Integration in Massachusetts
December 24, 2024
Rhea-AI Impact
Rhea-AI Sentiment
Rhea-AI Summary
Eversource (NYSE: ES) has acquired a 26-acre portion of the Mystic property from Constellation Energy, aiming to transform it into a multi-use energy interconnection hub. The strategic location will potentially support various renewable energy sources, including offshore wind, hydro, battery storage, and nuclear power.
The company plans to collaborate with Massachusetts and Everett officials over the coming year to develop plans that enhance electric reliability while advancing the state’s electrification and decarbonization goals. The site, adjacent to a proposed soccer stadium in Everett, represents an opportunity to improve grid reliability and address future congestion on the regional transmission system.
The transaction will not immediately impact customer bills. Eversource currently serves 1.47 million electric customers, 639,000 gas customers, and 11,500 water customers throughout Massachusetts.
Eversource (NYSE: ES) ha acquisito una porzione di 26 acri del proprietà Mystic da Constellation Energy, con l’intento di trasformarla in un hub di interconnessione energetica multifunzionale. La posizione strategica sosterrà potenzialmente diverse fonti di energia rinnovabile, tra cui il vento offshore, l’idroelettrico, lo stoccaggio di energia e l’energia nucleare.
L’azienda prevede di collaborare con le autorità del Massachusetts e di Everett nel prossimo anno per sviluppare piani che migliorino l’affidabilità elettrica, avanzando al contempo gli obiettivi di elettrificazione e decarbonizzazione dello stato. Il sito, adiacente a uno stadio di calcio proposto a Everett, rappresenta un’opportunità per migliorare l’affidabilità della rete e affrontare la congestione futura del sistema di trasmissione regionale.
La transazione non avrà un impatto immediato sulle bollette dei clienti. Eversource attualmente serve 1,47 milioni di clienti elettrici, 639.000 clienti di gas e 11.500 clienti d’acqua in tutto il Massachusetts.
Eversource (NYSE: ES) ha adquirido una porción de 26 acres de la propiedad Mystic de Constellation Energy, con el objetivo de transformarla en un centro de interconexión energética multifuncional. La ubicación estratégica potencialmente apoyará diversas fuentes de energía renovable, incluyendo eólica marina, hidroeléctrica, almacenamiento de baterías y energía nuclear.
La empresa planea colaborar con las autoridades de Massachusetts y Everett durante el próximo año para desarrollar planes que mejoren la confiabilidad eléctrica mientras se avanza en los objetivos de electrificación y descarbonización del estado. El sitio, adyacente a un estadio de fútbol propuesto en Everett, representa una oportunidad para mejorar la confiabilidad de la red y abordar la congestión futura en el sistema de transmisión regional.
La transacción no impactará inmediatamente las facturas de los clientes. Eversource actualmente atiende a 1.47 millones de clientes eléctricos, 639,000 clientes de gas y 11,500 clientes de agua en todo Massachusetts.
이버소스(Eversource) (NYSE: ES)는 컨스텔레이션 에너지(Constellation Energy)로부터 미스틱 부동산(Mystic property)의 26에이커를 인수하여 다용도의 에너지 연결 허브로 전환할 계획입니다. 이 전략적 위치는 잠재적으로 해상 풍력, 수력, 배터리 저장 및 원자력 등 다양한 재생 가능 에너지원 을 지원합니다.
회사는 향후 1년 동안 메사추세츠(Massachusetts)와 에버렛(Everett)의 관계자들과 협력하여 전기 신뢰성을 향상시키고 주의 전기화 및 탈탄소 목표를 달성하는 계획을 개발할 예정입니다. 제안된 에버렛의 축구 경기장 인근에 위치한 이 사이트는 전력망 신뢰성을 향상시키고 지역 전송 시스템의 향후 혼잡 문제를 해결할 기회를 제공합니다.
이번 거래는 고객 요금에 즉각적인 영향을 미치지 않습니다. 이버소스는 현재 메사추세츠 전역에서 147만 명의 전기 고객, 63만 9000명의 가스 고객 및 1만 1500명의 수도 고객에게 서비스를 제공하고 있습니다.
Eversource (NYSE: ES) a acquis un terrain de 26 acres de la propriété Mystic auprès de Constellation Energy, avec l’objectif de le transformer en un hub d’interconnexion énergétique multi-usage. L’emplacement stratégique soutiendra potentiellement diverses sources d’énergie renouvelable, y compris l’énergie éolienne offshore, l’hydroélectricité, le stockage de batteries et l’énergie nucléaire.
L’entreprise prévoit de collaborer avec les responsables du Massachusetts et d’Everett au cours de l’année à venir pour développer des plans visant à améliorer la fiabilité électrique tout en avançant vers les objectifs d’électrification et de décarbonation de l’État. Le site, adjacent à un stade de football proposé à Everett, représente une opportunité d’améliorer la fiabilité du réseau et de traiter la congestion future du système de transmission régional.
La transaction n’aura pas d’impact immédiat sur les factures des clients. Eversource fournit actuellement des services à 1,47 million de clients électriques, 639 000 clients de gaz et 11 500 clients d’eau dans tout le Massachusetts.
Eversource (NYSE: ES) hat ein 26-acre großes Grundstück der Mystic-Immobilie von Constellation Energy erworben, mit dem Ziel, es in ein multifunktionales Energie-Interkonnektionszentrum umzuwandeln. Der strategische Standort wird potenziell verschiedene erneuerbare Energiequellen unterstützen, darunter Offshore-Windkraft, Wasserkraft, Batteriespeicher und Kernkraft.
Das Unternehmen plant, im kommenden Jahr mit den Behörden von Massachusetts und Everett zusammenzuarbeiten, um Pläne zu entwickeln, die die elektrische Zuverlässigkeit erhöhen und gleichzeitig die Elektrifizierungs- und Dekarbonisierungsziele des Staates vorantreiben. Das Gelände, das an ein vorgeschlagenes Fußballstadion in Everett angrenzt, bietet die Möglichkeit, die Zuverlässigkeit des Stromnetzes zu verbessern und zukünftige Überlastungen im regionalen Übertragungssystem anzugehen.
Die Transaktion wird sich nicht sofort auf die Kundenrechnungen auswirken. Eversource bedient derzeit 1,47 Millionen Stromkunden, 639.000 Gaskunden und 11.500 Wasserkunden in Massachusetts.
Positive
- Strategic acquisition of 26-acre property for renewable energy hub development
- Potential to enhance grid reliability and improve energy transmission efficiency
- No immediate impact on customer bills
- Property’s location suitable for multiple renewable energy source connections
Negative
- Specific development plans not yet established
- Implementation timeline uncertain
- Requires extensive stakeholder collaboration before development can begin
Insights
The acquisition of Constellation’s 26-acre Mystic property represents a strategic infrastructure play with significant long-term implications. The site’s existing infrastructure and waterfront location position it as a critical energy hub for New England’s renewable transition. This move addresses three key market needs: grid reliability enhancement, renewable energy integration capacity and transmission congestion mitigation.
The property’s potential as an interconnection hub could significantly reduce the barriers to entry for offshore wind projects and other renewable energy sources. Its strategic location near major load centers in Boston positions it perfectly for efficient power distribution. The existing infrastructure reduces development costs compared to greenfield projects, potentially offering better returns on invested capital.
From a market perspective, this acquisition strengthens Eversource’s competitive position in the rapidly evolving New England energy landscape. While immediate revenue impact is minimal, the long-term value proposition lies in its potential to capture growing renewable interconnection fees and transmission revenues as Massachusetts pursues its aggressive clean energy goals.
This acquisition aligns perfectly with Massachusetts’ regulatory framework and clean energy mandates. The site’s potential transformation into a renewable energy hub could expedite regulatory approvals for future transmission projects, as it supports state decarbonization goals while utilizing existing industrial infrastructure.
The commitment to stakeholder engagement and collaborative planning demonstrates regulatory savvy, potentially reducing future approval hurdles. The property’s proximity to proposed development projects, including the Everett soccer stadium, suggests careful consideration of local economic development priorities – a key factor in regulatory proceedings.
For investors, this represents a calculated move to position Eversource favorably in the regulatory landscape. The emphasis on workforce development and local economic benefits could translate into more favorable rate case outcomes, supporting long-term returns on regulated assets.
12/24/2024 – 10:39 AM
Strategic location offers unique opportunity to ensure reliability for the New England region and advance Massachusetts’ clean energy transition by interconnecting multiple renewable energy sources
BOSTON–(BUSINESS WIRE)–
With a focus on helping to enable Massachusetts’ unprecedented clean energy transition while ensuring safe, reliable service for customers across New England, Eversource has acquired a 26-acre portion of the Mystic property from Constellation Energy. Eversource has not developed specific plans for the site at this time, but its strategic location, historic use, and existing infrastructure uniquely position it as a potential multi-use energy interconnection hub for large-scale renewable energy sources – including onshore or offshore wind, hydro, battery storage and nuclear among others – with the capacity to support electrification and meet the reliability needs for major energy users in the region. Over the coming year, Eversource will collaborate closely with Massachusetts and Everett officials and other stakeholders to develop a plan for the property, which is adjacent to the site of the proposed soccer stadium in Everett, to improve electric reliability in New England while also helping to advance Massachusetts’ electrification and decarbonization goals.
“With its strategic location, flexibility, and existing infrastructure, this site is one of the most promising, multi-use interconnection points for large-scale renewable energy in New England – representing a one-of-a-kind opportunity to support our shared energy goals, spur economic development and help create jobs,” said Eversource Chairman, President and Chief Executive Officer Joe Nolan. “Purchasing this site will allow us to transform it into a premier energy interconnection hub that enhances reliability for the entire New England region, building on Massachusetts’ reputation as a national leader with its collaborative approach to the ongoing energy transition. We are eager to work with the local community, state officials and other key stakeholders to develop innovative plans for the property that will deliver carbon-free energy to customers as part of a reliable, equitable, and cost-effective energy future for our region.”
Eversource’s purchase of the Mystic property represents a unique opportunity to enhance electric grid reliability, improve affordability by addressing expected future congestion on the regional transmission system, and support local economic development. Eversource is committed to a thorough collaborative process engaging key stakeholders to develop a co-optimized transmission solution with collective buy-in that addresses multiple needs, including upgrades to help renewables connect more easily to the grid and solutions to help protect access to the waterway. These efforts will also offer a potential opportunity to train and develop the skilled workforce needed to support the growing climate tech sector.
The transaction will not have any immediate impacts to customer bills.
Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is recognized as the #1 U.S. utility on TIME’s List of World’s Best Companies for 2024. Eversource transmits and delivers electricity and natural gas and supplies water to 1.8 million customers throughout Massachusetts, including approximately 1.47 million electric customers in 140 communities, 639,000 gas customers in 117 communities, and 11,500 water customers in five communities. Eversource harnesses the commitment of more than 10,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241224391526/en/
William Hinkle
603-634-2228
william.hinkle@eversource.com
Source: Eversource
FAQ
What is the purpose of Eversource’s Mystic property acquisition?
Eversource acquired the Mystic property to develop it into a multi-use energy interconnection hub for renewable energy sources, aiming to enhance grid reliability and support Massachusetts’ clean energy transition.
How many acres did Eversource (ES) acquire in the Mystic property deal?
Eversource acquired a 26-acre portion of the Mystic property from Constellation Energy.
Will the Mystic property acquisition affect Eversource (ES) customer bills?
According to the announcement, the transaction will not have any immediate impacts on customer bills.
What types of renewable energy will the Mystic property support?
The property is planned to support multiple renewable energy sources, including onshore and offshore wind, hydro, battery storage, and nuclear power.
When will Eversource (ES) begin developing the Mystic property?
Eversource will spend the coming year collaborating with Massachusetts and Everett officials to develop plans for the property, with no specific timeline for development yet announced.
Search
RECENT PRESS RELEASES
Related Post
