REMEMBERING MAYOR THOMAS MENINO: Your Condolences  |  Complete Coverage

News

AG seals cost cutting deal with Cape Wind

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
AP file

AP file

 

Massachusetts Attorney General Martha Coakley has reached a deal with the Cape Wind offshore wind energy project that she says will save consumers up to $465 million during the first 15 years of operation.
 
Coakley says the agreement with Cape Wind Associates, the Massachusetts Department of Energy Resources and National Grid will reduce the rate of the proposed contract by about 10 percent.
 
Critics say the deal will still leave consumers paying more than twice the current market rate for electricity.
 
Coakley says the agreement not only helps guarantee the 130-turbine wind farm in Nantucket Sound moves forward, but that ratepayers get a fairer price than under an initial contract.
 
Under the new deal, the starting price of project’s electricity would be reduced, and then allowed to increase only if the entire project is built.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,094 other followers