National Grid Signs on As First Cape Wind Customer
05/10/2010
National Grid has signed a power purchase agreement with Cape Wind Associates, the project's developers, less than 10 days after Cape Wind won regulatory approval to construct 130 turbines off the coast of Cape Cod, Massachusetts.
The utility agreed to buy electricity from the farm at 20.7 cents a kilowatt hour, a roughly 8-cent premium over non-renewable electricity. That translates into about $1.59 per month for the typical customer, or about a nickel a day. The contract is for 15 years, and prices will rise at a 3.5 percent annual rate.
National Grid serves approximately 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island. The closest market served by National Grid is the nearby island of Nantucket. Cape Cod, which gave the project its name, would not be served by this agreement.
The 130-turbine farm hopes to go online by the end of 2012, and is expected to generate an average of 182 megawatts of power.
Most Read
-
-
How are Uncertain Times Altering Company Location Strategies?
Q3 2020
-
Infrastructure Investment as an Economic Stimulus Tool
Q3 2020
-
34th Annual Corporate Survey & the 16th Annual Consultants Survey
Q1 2020
-
Site Selection 2020: The Importance of “Regional Depth” with Global Reach
Q3 2020
-
2020 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
Q2 2020
-
2019 Top States for Doing Business: Georgia Ranks #1 Sixth Year in a Row
Q3 2019