Massachusetts budget approval lets utilities raise rates to compensate for Canadian hydropower corridor costs [FOX News]
Avangrid, Inc. (AGR)
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Source: FOX News
close Video A budget signed by Massachusetts Gov. Maura Healey this week will allow utilities to raise rates to make up for hundreds of millions of dollars in additional costs to complete a transmission line to bring Canadian hydropower to the New England electricity grid. The head of Central Maine Power Co.'s corporate parent Avangrid has said the cost of the $1 billion project grew to $1.5 billion as litigation delayed construction and inflation caused prices to creep upward. Legislation included the supplemental budget adopted Monday allows transmission service agreements to be renegotiated and additional costs to be passed along to Massachusetts ratepayers to cover the added costs. Avangrid provided the increased costs to Massachusetts' electricity distribution companies to adjust the rate in the parties' transmission services agreements, which would be subject to Department of Public Utilities review and approval, Avangrid spokesperson Leo Rosales said in a statement T
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