Critical transmission project to save consumers millions while greening grid
Wakefield, MA — March 19, 2020 — Anbaric today released details of the Mystic Reliability Wind Link project, proposed in response to a procurement from grid operator ISO-New England to ensure the reliability of the New England electric system. Anbaric’s transmission project will strengthen the region’s grid, enable offshore wind to reach Greater Boston, and save consumers tens of millions of dollars in comparison to typical regulated transmission projects of similar size.
The Mystic Reliability Wind Link will install electric transmission cables entirely underground and under the seabed from Plymouth to Everett, enabling the closure of Mystic Generating Station, New England’s largest fossil fuel power plant.
Key project details announced today include:
- A groundbreaking return on equity (ROE) of 7.9%, lowest ever in the region and dramatically below that of regulated transmission projects, which can run over 11% in New England.
- Creation of a 900 to 1,200-megawatt (MW) pathway for offshore wind connecting to Southeast Massachusetts to reach Greater Boston. The project will enable offshore wind to scale more quickly by substituting for alternative overland grid upgrades that would be expensive, difficult, and time-consuming to construct.
- Advanced development work, marine surveys, and detailed engineering to ensure the project will be in service by June 1, 2024.
- Timely completion of the project will avoid $200 million or more of annual subsidies to the Mystic Generating Station if transmission projects are not in service by June 1, 2024.
- A built-in path for an additional 1,200 MW of offshore wind into Greater Boston at no additional cost to consumers, creating a combined pathway for up to 2,400 MW of clean energy to power Greater Boston.
“Anbaric and its investor, Ontario Teachers’ Pension Plan, have put together a project that can address the reliability needs in Boston in the most cost-effective and timely way,” said Theodore Paradise, Senior Vice President of Transmission Strategy.
“Mystic Reliability Wind Link is 21st century infrastructure that will meet city, state and regional carbon reduction goals while strengthening the grid,” said Ed Krapels, CEO of Anbaric. “Once stakeholders compare Mystic Reliability Wind Link to other proposals in this first ever competitive transmission procurement run by ISO-NE, we believe our project will be seen as the best solution for the region.”
For more information on Mystic Reliability Wind Link visit: http://mystic.anbaric.com/
Anbaric is a majority employee-owned, US-based company focused on planning and scaling offshore transmission. The company is a partnership between the Anbaric partners and the Ontario Teachers’ Pension Plan, which as of June 30, 2019, had net assets under management of $180 billion. Anbaric helped spearhead the development of two similar subsea projects between PJM and the NYISO which were delivered on schedule and on budget. Anbaric is committed to developing transmission systems for offshore wind in the US with a focus on Southern New England, New Jersey and New York as well as in Canada. For more information visit www.anbaric.com.
Contact: Theodore Paradise, Anbaric