City of Franklin will be Site of Quebec-New England Converter Terminal

In addition to the direct tax benefit for Franklin, The Northern Pass project will have a tremendous impact on the entire state of New Hampshire, directly resulting in about 1,100 – 1,300 jobs annually across the State during the development and construction phase of the project (from 2013 – 2015), according to a preliminary economic impact study. As a result, New Hampshire’s cumulative household earnings areexpected to be boosted by $204 – $249 million, and New Hampshire’s economic output is expected toincrease by a total of $259 – $316 million from 2010 – 2015. Today’s announcement that The Northern Pass converter terminal will be located in Franklin brings the project one step closer to realizing these

economic benefits for the Granite State.

 

The importation of hydroelectric power was a key recommendation of New Hampshire’s Climate Action Plan, which seeks an 80 percent reduction in the state’s greenhouse gas emissions by 2050. The Northern Pass project is expected to reduce regional carbon dioxide emissions by up to 5 million tons per year, the equivalent of removing from the road one million cars annually. Still, 1,200 megawatts of power, enough to serve about 1 million New England homes, is not expected to reduce the need for new, local, renewable energy sources here in New Hampshire, since under current law larger-scale hydroelectric resources, such as this power from Hydro-Québec, cannot be applied against the State’s Renewable Portfolio Standards.

 

Northern Pass Transmission LLC last week entered into a Transmission Service Agreement (TSA) with HQ Hydro Renewable Energy, Inc. in connection with the project transmission line. The TSA is expected to be filed with the Federal Energy Regulatory Commission later this year. Following today’s announcement, the company will file an application for technical approval with ISO-New England and a Presidential Permit with the United States Department of Energy (DOE). Over the next 18 months the company anticipates filing additional applications with other Federal and State agencies, including the New Hampshire Public Utilities Commission and the New Hampshire Site Evaluation Committee (NHSEC). In addition, PSNH is in discussion with HQ Hydro Renewable Energy to develop a long-term power purchase agreement to secure a long-term supply of renewable and reliable energy, as well as

securing additional long term benefits for its customers in New Hampshire. The DOE public input meetings and the NHSEC public hearing process will provide opportunities for New Hampshire residents and communities to offer their comments and perspectives on the project. Hydro-Québec will file for permits and authorizations and undertake a public consultation for the portion of the line located in Québec.