Central Maine Power Clean Energy RFP Transmission Proposal Will Save Bay State Ratepayers More Than $600 Million in Construction Costs over Competing Proposals

The 1,200 megawatt New England Clean Energy Connect would deliver
more renewable energy and more clean air benefits for Massachusetts than
any other project in the Clean Energy RFP

AUGUSTA, Maine–(BUSINESS WIRE)–Central Maine Power (CMP), a subsidiary of diversified energy and
utility company AVANGRID (NYSE: AGR), today announced that the $950
million New England Clean Energy Connect (NECEC), would save
Massachusetts utility customers more than $600 million dollars in
construction and related costs over the reported costs of competing
projects, which are as much as 60 percent higher.

The NECEC is the only proposal capable of firm delivery of 1,200
megawatts of renewable energy that provides maximum environmental and
energy benefits at less cost than any competing proposal. The
transmission project has received wide support from host communities and
business leaders in Maine, and is on track to receive necessary state
and federal permitting reviews in 2018.

“The New England Clean Energy Connect will deliver up to 20% more clean
energy for the region’s utility customers with lower construction costs
than any of the competing proposals that are interconnecting with
Hydro-Québec,” said Bob Kump, CEO of Avangrid Networks.

NECEC (1200 MW) is 20% larger than TDI New England’s New England Clean
Power Link through Vermont (1,000MWs) and 10% larger than Eversource’s
proposed Northern Pass project in New Hampshire (1090MW).

“Given our unique advantages to control costs and to leverage recent
investments in the New England grid, we can deliver the largest infusion
of Canadian energy into the region’s energy supply for everyone to share
in the environmental and economic benefits,” said Sara Burns, President
and CEO of Central Maine Power.

The NECEC proposal will deliver a larger volume of clean renewable
energy at lower costs in part by leveraging the recently completed Maine
Power Reliability Program (MPRP), a $1.4 billion power grid
infrastructure investment paid for by ratepayers from across New England.

CMP is the only proponent in the Massachusetts RFP process that has
recently completed a transmission project of the scale and complexity of
the Maine Power Reliability Program on-time and on-budget.

The Massachusetts’ Clean Energy RFP is part of a broader effort to
reduce the state’s energy costs, ensure a reliable electricity grid, and
meet long-term greenhouse gas reduction (GHG) requirements. Under the
terms of the RFP, projects will only be considered if they include
“significant cost containment features” to protect Massachusetts
ratepayers and if they “ensure that transmission cost overruns, if any,
are not borne by ratepayers.” To address this, NECEC will provide
transmission services at a long-term fixed price providing much needed
market certainty.

Acting as “battery storage” for New England, NECEC will deliver firm
power from Hydro-Québec, even during peak winter months when energy
supply prices are most volatile and intermittent resources are not as
reliable.

NECEC also released a project video detailing all of the benefits the
project provides for Massachusetts and Maine electricity customers. Go
to: www.necleanenergyconnect.com
for more information.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified
energy and utility company with more than $31 billion in assets and
operations in 27 states. The company owns regulated utilities and
electricity generation assets through two primary lines of business,
Avangrid Networks and Avangrid Renewables. Avangrid Networks is
comprised of eight electric and natural gas utilities, serving
approximately 3.2 million customers in New York and New England.
Avangrid Renewables operates more than 6 gigawatts of owned and
controlled renewable generation capacity, primarily through wind and
solar, in 22 states across the United States. AVANGRID employs
approximately 6,800 people. For more information, visit www.avangrid.com.

About CMP: Central Maine Power Company (CMP) is a subsidiary of
AVANGRID, Inc. (NYSE: AGR). As Maine’s largest electricity transmission
and distribution utility, CMP serves 619,000 homes and businesses,
representing about 80% of Maine’s customer base. J.D. Power and
Associates has ranked the company #1 in customer satisfaction seven
times. For more information, visit www.cmpco.com.

Contacts

For Central Maine Power
John H. Carroll, 207-458-9889
NECEC
Project Spokesman