UPDATE 2-Maine OKs Central Maine’s $1.4 bln power line plan

* Work to start in June, in service by 2015

* Project includes 500 miles of transmission lines
(Recasts, updates with company comment, adds background)

NEW YORK, May 14 (BestGrowthStock) – Maine utility regulators
approved Central Maine Power Co’s proposed $1.4 billion
transmission project to help ensure system reliability.

Central Maine Power, a unit of Spanish energy company
Iberdrola SA (IBE.MC: ), said in a release it hoped to start work
in June and complete the project by 2015. CMP filed its
proposal in July 2008, a spokeswoman told Reuters.

To date, CMP, which distributes power to more than 600,000
homes and businesses in Maine, said state environmental
regulators and more than half of the 81 cities and towns along
the proposed route have approved the project.

In addition, ISO New England, the grid operator, said the
project would qualify for cost sharing among utility customers
across the New England region, meaning the ISO believes the
line will benefit all of New England and all consumers in New
England will therefore pay for it.

CMP said it expected to receive its final federal
environmental permit from the U.S. Army Corps of Engineers
soon.

The main part of the project will run about 190 miles (305
km) from Orrington, near Bangor, to Eliot, near the Maine-New
Hampshire border. It will includes about 500 miles of new or
upgraded transmission lines, largely in existing corridors,
plus four new 345-kilovolt substations and related facilities.

In addition, the company said, the project would generate
millions of dollars for the Maine economy and create about
2,100 new jobs during construction.

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(Reporting by Scott DiSavino; Editing by David Gregorio)

UPDATE 2-Maine OKs Central Maine’s $1.4 bln power line plan