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National Grid sets sail with Cape Wind deal

National Grid and Cape Wind signal energy acquire contract for first US offshore wind farm

Just days after in spite of everything securing making plans permission for the primary offshore wind farm in the United States, developer Cape Wind printed that it has pulled in its first buyer within the type of grid operator National Grid.

In what has been described as a “landmark move”, National Grid and Cape Wind will lately document a freelance with the Massachusetts Department of Public Utilities that can see the UK-based grid operator purchase part the wind farm’s output for 20.7 cents in line with kilowatt hour, together with electrical energy, renewable power certificate and different possible marketplace attributes.

The two-part contract permits the acquisition of the rest 50 in line with cent by way of any other celebration or events.

Running for 15 years, the contract supplies a big spice up to the debatable $1bn (£666m) Cape Wind mission, which secured making plans approval ultimate month after a nine-year combat. It can even bolster National Grid’s place in a US marketplace that it has earmarked for speedy enlargement.

The 20.7 cent value is predicted to upward push by way of three.five in line with cent a 12 months over the process the contract, and in line with estimates the deal will imply that an ordinary buyer the use of 500kWh per thirty days of electrical energy will see per 30 days expenses building up by way of $1.59, translating to an building up in expenses of about two in line with cent a month.

However, National Grid defended the cost hike, arguing that the deal was once the most important to increasing its portfolio of low-carbon power. “We recognise that all renewable energy… has a cost associated with it, [but] carbon-based generation comes with its own set of long-term costs – to our health and our environment,” mentioned National Grid president Tom King.

(BusinessGreen)

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