A. The simple answer is no. While the Project does provide some direct economic benefits to Rhode Island, its above-market costs to the ratepayers of Rhode Island far exceed that benefit. Even using the economic benefit cited by Dave Nickerson in his answer 2-4 to the Division's second data request, the lifetime, non-discounted benefit of the Project is only $48 million. Assuming that the National Grid above-market analysis is correct, the above-market cost of the Project is nearly $400 million on a non-discounted basis and $185 million on a discounted basis. The negative benefit on a non-discounted basis would be the $352 million ($400 million less the $48 million). The benefit of the Project is only 1/8th of its costs. Furthermore, if my viewpoint of future above-market cost is correct, the Project's benefit may well be only 1/9th to 1/10th of its costs.
In summary, the Project produces minimal economic benefits and, when compared its above-market costs, negative net benefits to the ratepayers of Rhode Island are produced. As such, along with all of my other comments, it is my opinion that the contract between Narragansett Electric Company and Deepwater Wind Block Island, LLC for the Project should not be approved by the Commission.