Granite State Power Link Application for U.S. Presidential Permit Submitted

WALTHAM, MA--(Marketwired - December 27, 2017) - GridAmerica Holdings Inc., a non-regulated subsidiary of National Grid plc, applied on Friday, December 22nd to the U.S. Department of Energy for a Presidential Permit to authorize the U.S./Canada border crossing of the Granite State Power Link (GSPL) project, officially kicking off the GSPL permitting process.

GSPL is a proposed transmission project that will help transition New England to a clean energy future by delivering new, affordable Canadian wind power to Massachusetts. GSPL consists of a new overhead 59-mile high-voltage direct current (HVDC) transmission line co-located in an existing, expanded transmission right-of-way with a new converter stations at each end. By utilizing existing transmission corridors, the GSPL proposal minimizes environmental and viewshed impacts allowing it to garner broad local support and drive down development costs compared to similar projects to the benefit of Massachusetts ratepayers.

By enabling access to newly built wind resources, the project provides Massachusetts electric distribution utility companies with supply options to make meaningful progress toward Global Warming Solutions Act goals. GSPL will reduce carbon emissions by approximately 15.7 million tons within the first ten years following operation.

The project leverages an innovative partnership with project co-owner, Citizens Energy (Citizens), to provide energy assistance to low-income families in Vermont, New Hampshire and Massachusetts. Citizens is actively working with local stakeholders to design energy assistance programs to address local and regional needs.

"The submission of the Presidential Permit application means that our project schedule remains on-track," said Joseph Rossignoli, Project Director, GSPL. "Given the clear merits of the project - minimal impacts, community engagement and support, low capital costs and a rate structure that puts the customer first - and the due diligence of our experienced team, we firmly believe we are the best project for New England."

Granite State Power Link Facts

Staying within or adjacent to existing transmission corridors, the GSPL HVDC transmission line will run from a new converter station in northern Vermont to a new converter station in Monroe, New Hampshire. The project will deliver 1,200 MW of new wind power from Quebec that is currently in development.

Key facts and benefits of the project include:

• 1200MW of new clean Canadian wind energy to reduce nearly 16 million tons of carbon from the environment;
• Creative and cost-effective rate structure whereby 60 percent of GSPL's supply capacity will be done at the risk of National Grid shareholders through short-term economic sales;
• $1.1 billion capital cost with 60% of these costs at risk to National Grid shareholders;
• Reduced energy and capacity market costs of $2.8 billion in MA, $1.4 billion in NH and $487 million in VT the first 10 years;
• About 2,000 jobs created during peak construction;
• Over $550 million in local property tax revenues to host communities in NH and VT over project lifespan;
• Over $559 million in state taxes for NH and VT over the project lifespan;
• Substantial local economic development funds for communities along the route through a partnership with the Northeastern Vermont Development Association (for Vermont) and a similar initiative underway in New Hampshire;
• The proven program managed by Citizens Energy to use revenue from the project to provide assistance to seniors and low-income residents; and,
• An experienced New England HVDC and transmission developer to deliver the project.

The project has received several key endorsements and letters of support from the towns of Unified Towns and Gores of Essex County, Concord, Lunenburg and Waterford, VT and Salisbury, Goffstown, and Plymouth, NH; the International Brotherhood of Electrical Workers Locals 104, 490 and 103; Vermont State Senators and Representatives representing the Northeast Kingdom; several New Hampshire State legislators; the Central New Hampshire Chamber of Commerce; the Northeastern Vermont Development Association; and, the Vermont Association of Snowmobilers, among many others.

For more information, please visit www.GraniteStatePowerLink.com.

About National Grid
National Grid (LSE: NG) (NYSE: NGG) is an electricity and natural gas delivery company that supplies the energy for more than 20 million people through its networks in New York, Massachusetts, and Rhode Island. It is the largest distributor of natural gas in the Northeast. National Grid also operates systems that deliver gas and electricity across Great Britain.

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About Citizens Energy Corporation

Citizens Energy Corporation, a Boston-based non-profit founded in 1979 by former Congressman Joseph P. Kennedy II, has a long history of using revenues from successful commercial energy ventures to finance charitable programs to help the poor. Starting in the oil and natural gas industries, Citizens also launched innovative businesses in the health care, electricity trading, and energy conservation fields. More recently, the company expanded into the solar, wind and transmission industries - in every case using profits from its ventures to help the poor wherever it operates.