Clean energy groups encourage public financing for electric transmission

A new analysis from two pro-clean energy groups suggests that publicly financing high-voltage power lines in New England could save electric customers more than $9 billion over the next few decades.

Jamie Dickerson, senior director of climate and clean energy programs at the Acadia Center, said New England’s transmission system is old and needs significant investment, with nearly $12 billion already it the development pipeline.

The region will also need significant new transmission lines and upgrades over the next few decades to meet increasing electric demand and to connect new energy resources, Dickerson added. He said ISO-New England, the grid operator, estimates up to $26 billion in transmission investment will be needed over the next 25 years.

Funding those expected projects with private debt and equity adds significant cost to electric customers, Dickerson said. But shifting financing to government bonds, public-private partnerships and other methods could realize big savings compared to profit-driven financing, Dickerson added.

“It’s not every day that we unearth a solution that can deliver up to $10 billion in potential savings even though it is over a multi-decade period, so we’re really excited for policy makers and stakeholders to embrace this model,” Dickerson added.

To read the full article from Maine Public, click here.