Eversource Renewable Energy – Eversource (NYSE:ES) said it will start soon in Greenwich, Conn., on April 1. Greenwich Substation and Line will begin work on the underground line portion of the project here, which will include installing a new 115-kV electric transmission line two miles downstream locally. Roads south of the city.
The project also includes construction of a new substation on Railroad Avenue later this year, with a new underground line connecting the new substation to the Eversource Cos Cobb substation, the company said.
Eversource Renewable Energy
“Beginning this project is an important step toward strengthening the electric system in Greenwich, so our customers can have reliable power during heat waves, extreme cold and other high energy use,” said Steve Sullivan, Eversource vice president of project management. The statement said “More than 28,000 Greenwich customers rely on us for energy every moment of their lives, and this upgrade project will allow us to meet their energy needs while being sensitive to the neighborhood’s aesthetics.”
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According to the project webpage, the project includes two new 115-kV transmission lines extending 2.3 miles from the existing Cos Cobb substation on Sound Shore Drive to the new Greenwich substation at 290 Railroad Avenue. The new lines will run underground mainly on city streets, including Bruce Park, the site said.
In other Eversource news, the company said it is seeking a delivery rate update in New Hampshire on March 22; Eversource said it delayed the formal request until it completed the sale of its power plants last year.
The company says it has invested more than $1 billion over the past 10 years to modernize and strengthen the power system.
“We have a strong commitment to increasing the reliability of the electric grid, making it more resilient to New England’s extreme climate,” Bill Quinlan, president of Eversource NH, said in a statement. “We have modernized our control centers and automated the system so that power can be diverted to our customers in the event of an outage. This investment is a major benefit to our customers and sets the stage for a clean energy future in New Hampshire.
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Eversource said the notice of intent submitted to the New Hampshire Public Utilities Commission is the beginning of a broader two-phase process, with the first phase considering requests for temporary distribution rates to recoup past investments with the commission. Associated with power restoration efforts after a major storm. upgrades to improve plant maintenance and system reliability for all customers; Changes in tax regulation also provide an opportunity for the company to offer corporate tax savings to its customers.
The company said it will file a detailed request for permanent distribution rates for the commission’s consideration by the end of May. The filing proposes future investments to continue strengthening the electric system and advance the integration of distributed clean energy sources in New Hampshire, Eversource said.
After the commission’s extensive public review, a permanent rate change will be made to reimburse the company for the costs it incurs to provide safe and reliable electricity to New Hampshire customers, Eversource said, adding that the commission’s review process typically takes a year or more. , the permanent rates are unlikely to take effect until late 2020.
If approved by the commission, the temporary rate would take effect July 1, with an average increase of 2% across all customer groups and a total of $33m, or about a $3.50 increase in monthly bills, the company said. A typical residential customer uses 600 kWh per month.
Arlington Community Electricity
Corina Rivera-Linares is Editor-in-Chief until August 2021, also part of the team founded in 2011. Prior to joining, Corina covered renewable energy and environmental issues as well as transmission, generation, regulation, legislation and ISO/RTO. Contents at SNL Financial from 2005 to 2011. She has also covered topics such as health, politics and education for weeklies and national magazines. Eversource Energy (NYSE:ES) is the largest utility in the nation’s most populous New England region. . This naturally gives the company a large and relatively stable customer base that depends on its services for their daily lives. This is an important quality of utilities, and one that has helped the sector weather our pandemic world better than many other companies. Perhaps more importantly, Eversource Energy is one of the most active utilities in the development of renewable energy solutions, which has been the most profitable area to invest in so far this year. We can see this in the company’s share price, which has recovered reasonably from the pandemic-driven collapse that brought down every firm earlier this year, although it hasn’t been as strong as Next Era Energy ( NEE ). Beloved in the field. This may create an opportunity for investors, as this poor performance may eventually correct. As with most utilities, Eversource’s yield is well above the overall market, which may appeal to income-focused investors. All in all, here is an easy opportunity.
As just mentioned, Eversource Energy is the largest utility in New England and one of the ten largest utilities in the United States. The company provides electricity services to approximately 3.22 million customers, natural gas to 880,000 customers and water service to 220,000 customers. This makes Eversource one of the few utilities in its service sector to offer all three services to customers. This broadens its potential customer base somewhat, as many homes and businesses in the region rely on natural gas for heating due to New England’s famous winters. If Eversource were merely an electrical utility, it would not provide service to these customers.
One good thing about utilities is that they are generally recession-proof and generally insulated from macroeconomic events. This makes a lot of sense, because these companies offer products that many people feel are necessary in our modern world. Because of this, they usually prioritize paying things like their utility bills over other discretionary items. This may be especially important today as the market rebounds even though large numbers of people are unemployed or struggling for cash. This is reflected in Eversource’s results, as the company has maintained steady revenue growth, which is expected to continue this year despite the Covid-19-related economic lockdown:
As we can see here, Eversource Energy has grown its earnings at a compound annual growth rate of 6% over the past seven years. This is a reasonably strong growth rate for a utility and clearly shows us the stability these companies are known for. However, we can also see that the company’s growth rate is somewhat slower than what we find in other sectors such as technology. This is one of the disadvantages of utilities, as these companies are not necessarily built for significant growth and thus do not attract the investors they are looking for. Historically, these companies have typically been limited to one service area, which means their ability to acquire new customers has been limited by population growth in their service areas. Raising rates charged for electricity and natural gas is another potential source of growth, but that’s prohibited by regulators, so it’s usually not an option for other companies. As such, utilities typically pay dividends that exceed their investment returns and thus favor conservative investors such as retirees or people seeking security for any reason.
Eversource To Sell Wind Energy Stake, Shift Focus On Shore
Eversource is a major player in the emerging renewable energy sector, which could be a source of growth for the company. As I discussed in my previous article on Eversource, this is due in part to government mandates. New England has some of the strictest green energy and carbon emission standards in the United States. This has led Eversource to aggressively add renewable energy facilities to its portfolio, primarily in the form of offshore wind. To complement the construction of its offshore wind portfolio, Eversource has partnered with Ørsted (OTCPK:DNNGY), Denmark’s largest electric utility. In line with this partnership, the two companies formed the Bay State Wind Partnership, a 50-50 joint venture with the goal of building multiple offshore wind farms on a 300-square-mile leasehold in the waters between New England and New York City:
Currently two projects are under development in this area. The larger of the two is the 700-megawatt Revolution Wind Farm, which powers Rhode Island and Connecticut. Another project is the 130 MW South Fork Wind Farm, which will provide wind power to New York City.
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