On Tuesday, Eversource Energy ( ES ) announced its acquisition of a 26-acre portion of the Mystic property from Constellation Energy Corporation ( CEG ) .

This acquisition is part of Eversource’s broader plan to support Massachusetts’ clean energy transition while maintaining reliable service across New England.

The Mystic site, located in Everett, holds significant potential to become a multi-use energy interconnection hub for large-scale renewable sources like offshore wind, hydro, battery storage, and even nuclear energy.

The existing infrastructure and its strategic location make it an ideal site for electrification and addressing the region’s energy reliability needs.

Eversource has yet to outline specific plans for the property but aims to collaborate with Massachusetts, Everett officials, and other stakeholders to develop a plan for next year.

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The site, adjacent to a proposed soccer stadium, could play a critical role in improving electric reliability in New England, helping Massachusetts meet its electrification and decarbonization goals.

Eversource’s Chairman, Joe Nolan, emphasized that the acquisition would provide a unique opportunity to support economic development, create jobs, and drive forward clean energy initiatives.

The purchase of the Mystic property also offers a chance to enhance grid reliability, mitigate potential congestion in the regional transmission system, and ease the integration of renewables. However, the transaction will not immediately impact customer bills, allowing Eversource to plan and develop the site without additional financial burdens on consumers.

Price Action: ES shares closed higher by 0.17% to $57.28 on Tuesday.

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