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.