January 25, 2018 / 9:20 PM / in 9 months

BUZZ-Eversource jolts on winning bid for New England hydropower project

** Shares of Eversource Energy rise 5.6 pct on Thurs in biggest daily pct increase since Nov 2008, after utility co wins bid to deliver hydropower to New England grid

** Eversource to partner with Hydro-Québec to build transmission line, the Northern Pass, starting at Canadian border and running through New Hampshire to connect to New England power grid

** Bids solicited under Massachusetts clean energy program, the result of a 2016 state law to boost renewable energy sources

** Work on Northern Pass to begin in mid-2018 upon receipt of permits, expected to begin operation in 2020; line will provide up to 9.4 terawatt hours/yr of hydropower

** With today’s gains, ES up 2.2 pct so far in 2018, outperforming S&P Utilities index, down 3.1 pct YTD

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