As the project advances, National Grid and Citizens Energy will be assembling community benefits programs totaling hundreds of millions of dollars for Vermont and New Hampshire towns and cities along the project route. Our goal is to work with communities and local economic development partners to understand how our program can be tailored to support local needs. We look forward to detailed listening sessions to understand how Twin States can maximize its benefits for the region, beyond creating jobs, lowering energy costs, and combatting climate change.
In addition to energy cost savings across New England, when completed, Twin States will provide significant economic benefits to Vermont and New Hampshire, creating thousands of new construction jobs. Twin States is also projected to generate hundreds of millions in new property tax revenues for route communities. Over the first forty years of operation, if the project is put into service, Twin States is expected to contribute hundreds of millions of additional dollars in lease payments to Vermont and New Hampshire for underground burial of the lines along state roadways.
Twin States can help to solve a decades-long challenge in the North Country of New Hampshire by completing necessary system upgrades in Grafton County, which will allow for new renewable generation opportunities to the north, along the Coös Loop, an existing transmission line which spans a significant portion of Coös County. With Twin States completing system upgrades to the south, future costs for North Country renewable generators are reduced, with economic development and new job creation as just some of the potential benefits of projects on this line being realized.
Citizens Energy has over 40 years of experience channeling profits from successful energy ventures into community benefits. The nonprofit owns over $500 million in energy assets and has generated over $600 million in savings for families in need. As co-developer of this project, Citizens Energy will reinvest funds into local, community-identified projects in Vermont and New Hampshire route towns. Benefit priorities will be driven by local communities and may take form as, but are not limited to, energy assistance, weatherization, and neighborhood renewable energy projects to work towards greening the local energy grid.
Twin States has partnered with NVDA and is making a significant long-term commitment to supporting their community driven work in economic growth and advancement for the Northeast Kingdom and beyond.