Anbaric released Mystic Reliability Wind Link project details

In: CablesInterconnectorsWindfarms
Energy developer Anbaric has released details of its proposed Mystic Reliability Wind Link project, a network of underground and subsea electric transmission cables from Plymouth to Everett. The cable network has been designed to create a pathway of 900 to 1,200 MW offshore wind power initially, enabling the closure of Mystic Generating Station, New England’s largest fossil fuel power plant.

The power project would ensure a ground breaking return on equity (ROE) of 7.9%, lowest ever in the region and well below that of regulated transmission projects, which can run over 11% in New England. The Anbaric project would enable offshore wind to scale more quickly by substituting for alternative overland grid upgrades that would be expensive, difficult, and time-consuming to construct. In addition, it would also provide a built-in path that could ultimately double offshore wind power carrying capacity to 2,400 MW at no additional cost. Anbaric and its investor, Ontario Teachers’ Pension Plan are planning to complete the project before June 1, 2024, to avoid $200 million or more of annual subsidies to the Mystic Generating Station if transmission projects are not in service by then.

In 2018, Exelon filed with the ISO New England Inc. (ISO-NE) to retire Mystic Generating Station’s Units 7, 8, 9, and the Jet unit by June 1, 2022. The energy provider feared that it could not recover future operating costs including the cost of securing fuel under current market rules in New England. However, after thorough studies, the ISO determined that it is essential to retain the services of Mystic 8 & 9 beyond their planned retirement dates, to avoid the 1700 MW energy crisis in New England.

“Mystic Reliability Wind Link is 21st century infrastructure that will meet city, state and regional carbon reduction goals while strengthening the grid,” s
aid Ed Krapels, CEO of Anbaric. “Once stakeholders compare Mystic Reliability Wind Link to other proposals in this first ever competitive transmission procurement run by ISO-NE, we believe our project will be seen as the best solution for the region.”

The ISO has received 36 proposals from eight qualified transmission project sponsors, with in-service dates between March 2023 and December 2026. A list of qualified proposals that will be considered in a second phase of the solicitation process would be posted in Aug 26. ISO New England plans to select the winning proposal by mid-2021.

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