Eversource Acquires Mystic Property from Constellation

Strategic location offers unique opportunity to ensure reliability for the New England region and advance Massachusetts’ clean energy transition by interconnecting multiple renewable energy sources

BOSTON--(BUSINESS WIRE)-- With a focus on helping to enable Massachusetts’ unprecedented clean energy transition while ensuring safe, reliable service for customers across New England, Eversource has acquired a 26-acre portion of the Mystic property from Constellation Energy. Eversource has not developed specific plans for the site at this time, but its strategic location, historic use, and existing infrastructure uniquely position it as a potential multi-use energy interconnection hub for large-scale renewable energy sources – including onshore or offshore wind, hydro, battery storage and nuclear among others – with the capacity to support electrification and meet the reliability needs for major energy users in the region. Over the coming year, Eversource will collaborate closely with Massachusetts and Everett officials and other stakeholders to develop a plan for the property, which is adjacent to the site of the proposed soccer stadium in Everett, to improve electric reliability in New England while also helping to advance Massachusetts’ electrification and decarbonization goals.

“With its strategic location, flexibility, and existing infrastructure, this site is one of the most promising, multi-use interconnection points for large-scale renewable energy in New England – representing a one-of-a-kind opportunity to support our shared energy goals, spur economic development and help create jobs,” said Eversource Chairman, President and Chief Executive Officer Joe Nolan. “Purchasing this site will allow us to transform it into a premier energy interconnection hub that enhances reliability for the entire New England region, building on Massachusetts’ reputation as a national leader with its collaborative approach to the ongoing energy transition. We are eager to work with the local community, state officials and other key stakeholders to develop innovative plans for the property that will deliver carbon-free energy to customers as part of a reliable, equitable, and cost-effective energy future for our region.”

Eversource’s purchase of the Mystic property represents a unique opportunity to enhance electric grid reliability, improve affordability by addressing expected future congestion on the regional transmission system, and support local economic development. Eversource is committed to a thorough collaborative process engaging key stakeholders to develop a co-optimized transmission solution with collective buy-in that addresses multiple needs, including upgrades to help renewables connect more easily to the grid and solutions to help protect access to the waterway. These efforts will also offer a potential opportunity to train and develop the skilled workforce needed to support the growing climate tech sector.

The transaction will not have any immediate impacts to customer bills.

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is recognized as the #1 U.S. utility on TIME’s List of World’s Best Companies for 2024. Eversource transmits and delivers electricity and natural gas and supplies water to 1.8 million customers throughout Massachusetts, including approximately 1.47 million electric customers in 140 communities, 639,000 gas customers in 117 communities, and 11,500 water customers in five communities. Eversource harnesses the commitment of more than 10,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241224391526/en/

William Hinkle

603-634-2228

william.hinkle@eversource.com

Source: Eversource