Transmission : From Policy to Projects One Company’s Perspective November 4, 2011 Clarke Bruno 1

Anbaric business model States as catalysts 2

Anbaric – Our Business Model Anbaric incubates and develops transmission lines to: – Integrate regional markets; – Bypass bottlenecks or reduce congestion; and – Bring renewables, esp. offshore wind, to load. 3

Anbaric – Our Business Model We rely on states as catalysts, to move from policy to projects: – Competitive, transparent RFP; – Procurement from credit-worthy counterparty; and – Apportion economic risk. 4

Anbaric-Incubated Projects Neptune Regional Transmission System – From Sayreville, NJ to Long Island NY – 65 mile, 660 MW HVDC line – Total cost - $700MM,COD June 2007 Hudson Transmission Project – From Ridgefield, NJ to Manhattan – 9 mile, 660 MW HVDC – Total cost - $800MM, COD early summer

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Anbaric Pipeline billion Integrate regional electricity markets – West Point Project (Albany to Buchanan, NY); – Champlain Wind Link (Plattsburgh, NY to Burlington, VT); and – Green Line (coastal Maine to Boston, MA) Offshore wind to population centers – 2000 MW; – New 1100 MW; and – up to 600 MW 7

States – Catalysts Catalysts – Policy driven vision – ratepayer cost, reliability, competition, renewables, industrial policy, build grid as a public good, RPS goals – Economic benefits – “demand drives deal” 8

States – Catalysts From policy to projects – Time and risk – Competitive RFP – Transparent selection process – Fixed price vs. cost plus bid 9

States – Catalysts From policy to projects – Roles for incumbent utility, gov’tal entity – Willing counterparty – an entity to sign contract – Shared project risk – Time and risk Beware: cost allocation 10

Clarke Bruno Anbaric Transmission 401 Edgewater Place, Suite 640 Wakefield, MA Direct: (781) Contact Information 11