peakbagger
In Rembrance , July 2024
It comes down to ROI, Hydro Quebec and partners were looking at Billions in long term revenue for at one time was a 100 million dollar investment in CPC. Despite using transmission corridors paid for by ratepayers for much of the project , the return to the state of Maine was far less, basically a rounding error when looking at a revenue stream in the Billions. It was also a referendum against CMP. They are spending a lot of money trying to put "lipstick on the pig", but CMP seems to have worn out its welcome since they sold out to Energy East 30 years ago. Prior to the sale CMP was a "widows and orphans stock" safe but boring long term low yield investment. The power plants including the hydros were quickly stripped and sold to FPL (now Next Era) after it was bought out by Energy East. Thus CMP went back to a boring publicly regulated revenue stream. No doubt if CPC gets built the current owner Avangrid will split off CPC completely from CMP and sell off the boring distribution business. A good indication of how much the project was smelly that the popular former Maine governor Baldacci who was on the Avangrid board of directors was suspiciously quiet.