ABB_id2059
in News Departments > Projects & Contracts
print the content item

Gov. Deval Patrick, D-Mass., has announced that National Grid and Cape Wind have agreed to enter into negotiations for a long-term power purchase agreement (PPA), under which the utility would purchase the electricity generated by the Cape Wind project.

According to Patrick's office, this PPA is a critical requirement for financing the proposed offshore wind farm in Nantucket Sound, as well as to getting it into construction and operation in time to qualify for federal incentives under the American Recovery and Reinvestment Act, which would reduce the cost of the project by 30%.

The PPA still must go through state regulatory review. National Grid is expected to file shortly with the state Department of Public Utilities (DPU) a memorandum of understanding (MOU) with Cape Wind laying out the rationale for such a contract, as well as the methods and timelines by which the parties will pursue an agreement.

If the DPU approves the process, National Grid and Cape Wind will engage in negotiations to enter into a mutually agreeable long-term contract and submit any final pact to the DPU for review and approval. The state Department of Energy Resources is also a signatory to the MOU, providing a consultative role required by the Green Communities Act of 2008.

SOURCE: Office of Gov. Deval Patrick

Hybrid Energy Innovations 2015

Trachte_id2056
Latest Top Stories

The Song Remains The Same: AWEA Says Stable Policy Can Protect U.S. Wind Investment

Although the U.S. wind industry added more than four times the amount of wind in 2014 compared with 2013, predictable policy is needed to sustain its long-term success.


High Net-Worth Investors Claim 'All Of The Above' On Energy, Renewable And Otherwise

According to a recent Morgan Stanley poll, high-dollar investors favor investment in renewable energy technologies, such as wind and solar.


U.S. Wind Power Installations Surpassed 4.7 GW Last Year, Although China Still Leads

Bloomberg New Energy Finance reports that U.S. wind installations came back in a big way from a disappointing 2013.


IRS Specifies Performance, Quality Standards For Small Wind Turbines

The Internal Revenue Service (IRS) recently issued guidelines creating safety and performance standards for small wind turbines to be eligible for the 30% investment tax credit.


Hot Times North Of The Border: Canada Tops Previous Record For Installed Wind Capacity

For the second consecutive year, Canada's wind market has bested the country's previous mark for new installations.

Hybrid Energy Innovations 2015