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Eversource Energy continues to project capital investment of about $3 B in 2020

USA: Eversource Energy’s capital program remains on track for the year, with the company continuing to project capital investment of about $3 B in 2020, Phil Lembo, Eversource’s Executive Vice President and CFO, said during the company’s May 7 1Q20 earnings call.

“In large part because of the very mild winter weather, we had a very strong start for the year, with reliability enhancements and system improvements totaling $600 M in the first quarter of 2020, compared with about $550 M in the same period of 2019,” he said.

Lembo also discussed the COVID-19 pandemic, noting that due to the critical nature of Eversource’s infrastructure and regulated investments, the company has “continued to work safely and effectively throughout the stay-at-home requirements in place over our three states,” that is, Connecticut, Massachusetts, and New Hampshire.

“Regulators recognise that some long-term initiatives will need to move forward to ensure that we have a grid capable of serving our customers’ increasingly sophisticated needs,” he said. “A new three-year grid modernisation work plan for 2021 through 2023 will be filed in Massachusetts this summer.”

Lembo also noted that the Connecticut Public Utilities Regulatory Authority (PURA) on May 6 issued an order requesting proposals for program designs by the end of July for initiatives related to grid modernisation.

Another topic that Lembo addressed was offshore wind energy, noting that in March Eversource filed its construction and operations plan with the Bureau of Ocean Energy Management regarding the 704 MW Revolution Wind offshore project.

Revolution Wind is a 50 / 50 joint venture with Eversource, and the project — to be located more than 24 km (15 mi) south of the Rhode Island coast and 50 km (32 mi) southeast of the Connecticut coast — will have a capacity of 400 MW to Rhode Island and 304 MW to Connecticut. The project’s timeline calls for it to be fully operational by 2023, according to the site.


Source: Transmission Hub