Loring Holdings Issues 3Q16 Report to the LDA

Per terms of the New Facilities Payment Agreement, Loring Holdings, LLC ("LH") has issued its quarterly report (3Q16) to the Loring Development Authority regarding progress being made on the Maine Power Express ("MPX") transmission line project. Click here to view the report. 

In brief, the MPX is being developed along 2 paths simultaneously. 1) Merchant and 2) Rate-Based. Significant progress has been made in both paths during 3Q16: 

1) Merchant: A Merchant Transmission line is like a private toll road. It is a private transmission line that charges a tariff to generation providers underserved by the existing utility grid, typically ring power from a lower-cost area to a higher cost area. Merchant projects must apply to FERC (Federal Energy Regulatory Commission) for the Authority to negotiate transmission rates with generation providers. MPX applied to FERC in May and received the Order granting authority on July 1st. This is the first step necessary to issue an “Open Solicitation” to generation providers to assess interest and negotiate contracts for the MPX project. Some examples of Merchant projects include the Cross Sound Cable, Chinook Power Transmission and the New England Clean Power Link. MPX would issue an Open Solicitation if the Mass RFP (see below) fails and/or after securing certain permits and financial investments. 

2) Rate-based: A Rate-based transmission line is paid for by all beneficiaries of the power the transmission line carries, that is to say, all rate-payers (albeit slight over-simplified). The significant progress made in this development path is the signing into law of “An Act to promote energy diversity” by Massachusetts Governor Charlie Baker. This act requires a coordinated Request for Proposals (RFP) to be issued not later than April 1, 2017, for up to 1200MWs of Clean Energy (mainly Wind and/or Hydro) and the transmission needed to bring it to market. (This is in addition to 1500MWs of off-shore wind, as a separate RFP). This is the main commercial opportunity MPX is pursuing. In a merchant line, generators pay a fixed transmission tariff and sell their energy at fluctuating, day-ahead markets rates. Under this RFP, generators will have their transmission costs covered by rate-payers and receive a fixed, known price for their energy under a Power Purchase Agreement (PPA). This is very enticing for generators like EDPR, NRG, Hydro Quebec and others. 

These two 3Q16 events (FERC approval and the Mass RFP), among many others, are significant milestones in the development of the MPX.

LH is committed to the redevelopment of the Loring Commerce Centre for energy and economic development. The MPX represents an opportunity to utilize the existing Searsport-Loring Corridor for the installation of an underground transmission line that will bring Wind resources from southern Aroostook County and Hydro resources from Canada to Boston, MA, and the New England energy market. To learn more about the MPX, visit: www.mainepx.com.

Loring Holdings Issues Quarterly Report to the LDA

Per terms of the New Facilities Payment Agreement, Loring Holdings, LLC ("LH") has issued its quarterly report to the Loring Development Authority regarding progress being made on the Maine Power Express ("MPX") transmission line project. Click here to view the report. 

LH is committed to the redevelopment of the Loring Commerce Centre for energy and economic development. The MPX represents an opportunity to utilize the existing Searsport-Loring Corridor for the installation of an underground transmission line that will bring Wind resources from southern Aroostook County and Hydro resources from Canada to Boston, MA, and the New England energy market. To learn more about the MPX, visit: www.mainepx.com.

Maine Power Express Issues Project Update

Today, the Maine Power Express, phase one of the Loring Energy Projects, issued an update on its development status. Topics includes site control, technical reports, website updates, New England energy news and more. Visit the website (linked above) or follow this direct link to the News Blog.

We are encouraged in the on-going development of this project and its planned utilization of the Searsport-Loring Corridor for the installation of underground HVDC electric transmission lines. Putting this long-standing asset back to use will bring significant benefits to Mainers and the Loring Development Authority for decades. 

To learn more, please don't hesitate to contact us

Clean Energy RFP Issued

On November 12th, the Connecticut Department of Energy and Environmental Protection, the Massachusetts Department of Energy Resources, Eversource Energy, National Grid and Unitil issued a Final Clean Energy RFP in order to identify projects that will advance the clean energy goals of Connecticut, Massachusetts and Rhode Island.

The Maine Power Express ("MPX") development team is reviewing this opportunity. We have filed a Notice of Intent to Bid ("NOI") and plan to participate in the Bidder's Conference on December 3rd in order to learn more about this opportunity. The Soliciting Parties encourage developers to submit NOIs, however, doing so does not obligate developers to submit a bid. NOIs are made public "to encourage potential bidders to match Qualified Clean Energy projects with transmission in combination bids." 

At our core, the MPX is a transmission project. It is our goal to enable the delivery of the significant Maine Wind resources paired with Canadian Hydro power. We are also open to grid-scale solar, storage and other Qualifying Clean Energy resources. 

For more information, please contact us at info@mainepx.com or (207) 762-5000. 

New Websites for Loring Energy Projects, Maine Power Express

Hello! In the spirit of the new ISO-NE Website and the new NESCOE website, we have recently launched our revised website for the Loring Energy Projects. Welcome!

We will continue to use this site to provide information on and advocate for the Loring Energy Projects and the efforts we are undertaking for energy infrastructure and economic development for northern Maine. 

We've also updated the Maine Power Express website and invite you to stop by for a visit. As usual, if you have any questions, please feel free to contact us at: info@loringenergy.com

Thank you!