IBERDROLA Chairman Ignacio Galán took the opportunity during his trip to Maine this week to ratify the company's commitment to investing in the United States, where it will be allocating some $6,000 million in the 2011-2012 period.
In a meeting today with the governor of Maine, Paul Le Page, Mr. Galán announced that the total accumulated investment in this state alone in 2011 and 2012 is expected to amount to $970 million.
This figure will be allocated for the most part to the two main electricity grid projects that the IBERDROLA Group is carrying out in Maine: the new conduit between the United States and Canada and the mass-scale roll-out of smart meters.
Ignacio Galán visited Lewiston substation yesterday. This is one of the facilities that have been built under the auspices of the Maine Power Reliability Program (MPRP), for which a total of $1,400 million will be invested and an average of 2,100 jobs will be created by 2015.
The Chairman of IBERDROLA highlighted that this major initiative, which includes the construction and renovation of 800 kilometres of transmission lines and the set-up or overhaul of some 13 substations, will contribute towards improving the supply and enable new renewable capacity to come on stream, as well as making a major contribution towards the social and economic progress of Maine.
Mr. Galán explained that the Maine Power Reliability Program is among the foremost infrastructure projects currently being carried out by the IBERDROLA Group in the world and that it reflects the company's commitment towards investing in the United States. He went on to add that it will contribute towards improving the guarantee and the quality of the electricity supply for the company's customers.
Ignacio Galán also briefed the governor on the progress of the scheme to roll out smart meters in Maine. IBERDROLA is investing $192 million on this project that is now nearing completion. It will benefit the 620,000 customers of its subsidiary Central Maine Power (CMP).
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