Avangrid, Inc. (NYSE: AGR) opened Friday pretty much were its shares ended Thursday. The company, a leading sustainable energy company and member of the Iberdrola Group, announced today that Central Maine Power (CMP) has been awarded $31.8 million in federal funding to deploy innovative technologies to create a more modern and dynamic power grid to support the deployment of renewable energy in Maine. This grant was awarded through the U.S. Department of Energy’s Grid Resilience and Innovation Partnerships (GRIP) program and is funded by the Bipartisan Infrastructure Law.
These initiatives are being driven at the state-level in Maine by the Flexible Interconnections and Resilience for Maine (FIRM) project, led by the Governor’s Energy Office, part of the administration of Governor Janet Mills. Specifically, this funding will be used to deploy Active Network Management (ANM) and Dynamic Line Rating (DLR). Together, these smart grid technologies will help connect more renewable energy to the power grid while also protecting it from overloading.
“Our ability to connect more clean, affordable energy to Maine’s power grid is critical to meeting the state’s climate goals,” said Pedro Azagra, Avangrid CEO. “Over the past year, CMP and Avangrid have received nearly a half billion dollars in federal awards that will directly benefit our customers. I want to extend our gratitude to Governor Mills, Secretary Granholm, and Maine’s Congressional Delegation for their ongoing support as we continue to combat extreme weather and build smarter, stronger, and more resilient energy infrastructure for Maine.”
AGR shares dipped a penny to $35.62.
