Could Connecticut’s economy be on the threshold of a new era of lower energy costs?

Now that the six New England governors have signed a pact to work together to expand the region’s energy infrastructure, it’s possible.

Announced late Thursday evening, the governors agreed to accelerate regional cooperation on expanding gas and electricity transmission lines in New England, along with renewable energy resources.

The pact, said the governors, aims to “ensure a reliable, affordable and diverse energy system,” that will “improve[e] the economic competitiveness of our region.”

They hope that over time expanding both the region’s energy infrastructure and renewable energy sources will bring lower electricity and heating costs, more job growth and business investment, and increased environmental benefits.

John Rathgeber, CBIA president and CEO, called the initiative a "positive step toward making the state more competitive for businesses.

"Connecticut has one of the highest costs of doing business in the country and energy costs are a major contributing factor," said Rathgeber.

"We have long supported energy policies that will provide our economy with reliable, diverse, and affordable power and this agreement has the potential to drive the state and region in that direction."

The governors said they would work with the ISO-New England, the region’s independent power manager; the New England Power Pool (NEPOOL), a regional association of energy industry participants; and other stakeholders, to facilitate and accelerate the infrastructure expansion and to maximize use of renewable generation.

For more information, contact CBIA’s Eric Brown at 860.244.1926 or eric.brown@cbia.com.