Library filed under Offshore Wind from Massachusetts

What really toppled Cape Wind’s plans for Nantucket Sound

Demonizing his critics worked for Gordon for more than a decade, but in the end the NIMBY charge lost its sting when the public recognized Cape Wind as a classic bait and switch. Developers promised cheap, clean energy, and then planned to sell 77.5 percent of the power they were going to produce to NStar and National Grid for some two times the average cost of power generated by US suppliers.
30 Jan 2015

Wind auction sees low interest

Only two of four wind energy lease areas in federal waters south of Martha’s Vineyard received bids in an auction today and the sale prices were millions of dollars lower than previous auctions for leases of smaller sizes off other coastal states, according to statements by federal energy officials.
29 Jan 2015

Cape Wind suspended from New England market

Cape Wind has been suspended from New England's wholesale electricity market and has pulled out of a lease for land that had been earmarked for staging the 468MW project. "In general, suspensions are a result of a participant not maintaining a minimum amount of collateral and/or not complying with other financial assurance or billing requirements."
28 Jan 2015

Could Cape Wind have put up a bigger fight?

The typical price of a tax equity investment for an on-shore project that carries no debt is between 7.5 and 8.5 percent. By adding debt to the project, the range increases to the mid teens. ...“Admittedly it is being built by Siemens but there are also a lot of local contractors. ...It’s complex, so that would make any first time investor in the offshore industry nervous. So that puts your price of tax equity north of the mid teens, which makes it incredibly expensive."
21 Jan 2015

Cape Wind Is Dead! (U.S. offshore wind stuck at zero)

Cape Wind was the wrong project, at the wrong time, and the wrong place. It was too big and costly. Its impacts were poorly mitigated and its benefits highly questionable. In the end, it was the regulatory arrogance of the Massachusetts Gov. Deval Patrick and the Obama Administrations that did the most harm. A lot of people were offended and willing to stand up to the abuses. Remember, it was Massachusetts’ spirit that triggered the Revolutionary War.
13 Jan 2015

Cape Wind: dead or alive?

Following the announcement Tuesday by two electric utilities that contracts to buy power from the wind farm planned for Nantucket Sound had been terminated, opponents were declaring Cape Wind finally defunct, after 13 years of contentious public debate, permitting and court battles. But not everyone agrees.
8 Jan 2015

Cape Wind’s future called into question

Gordon wrote that the lawsuits had impeded Cape Wind from meeting the required milestones and argued that the litigation triggered a so-called force majeure clause in the contract that extended the deadlines for Cape Wind. ...“The challenges alluded to by Cape Wind were ongoing and well known to the parties at the time the agreement was entered into and were not the type of events that would excuse Cape Wind from performing its obligations,” said Caroline Pretyman, a spokeswoman for Northeast Utilities.
8 Jan 2015

Utilities terminate Cape Wind power contracts; Could be crippling blow to wind farm, New Bedford

NStar officials, who released copies of the letter they sent Cape Wind, said the project had failed to complete financing for the wind farm and begin construction by the end of 2014, as required by the power purchase contract. NStar said Cape Wind could have extended the deadlines for two additional six-month periods by paying a deposit of nearly $1.3 million, but chose not to do that. 
7 Jan 2015

Two utilities opt out of Cape Wind

Ian Bowles, who as Patrick’s first energy and environment chief helped shepherd the offshore project, said Tuesday’s news may have spelled the end for Cape Wind. ...The jeopardy in which Cape Wind finds itself reflects a changed energy market, in which developers bear more risk than the eventual ratepayers, Bowles said.
7 Jan 2015

Is Cape Wind running out of time?

While Rodgers said Cape Wind was working hard to make the wind farm a reality, court documents filed earlier by the company’s president indicate that may not be possible. In a court affidavit filed in July, Cape Wind President Jim Gordon said financing on the project needed to close by the end of September 2014 to have a chance at beginning construction on the project before a critical Dec. 31 deadline next year. 
18 Dec 2014

Could initial offshore wind projects crash New England's REC market?

The circular logic of REC market fundamentals would have low REC pricing jeopardizing future development. As renewable energy project profit margins get squeezed, fewer projects will be built and forward REC prices would rebound as forward supply tightens.The worry is that offshore wind projects could break this self-correcting market logic in the New England Power Pool (NEPOOL).
14 Oct 2014

Cape Wind: An unsightly monument to political pull

Playing out in Massachusetts is a saga in which a private developer is using his political connections to trump the interests of state electric ratepayers - and in the process creating a precedent for much broader misuse of governmental power. The saga involves a court case in which state officials invoked an arcane provision of the U.S. Constitution to deny aggrieved ratepayers access to federal court.
14 Oct 2014

Massachusetts' 2nd Big Dig: A port for offshore wind

New Bedford, MASSACHUSETTS -- During 2010 Massachusetts Governor Deval Patrick announced he wanted to build an ocean wind turbine port named the New Bedford Marine Commerce Terminal.The proposed harbor terminal is located in one of the most toxic marine environments in the world. Governor Patrick estimated the South Terminal ocean wind turbine project at around 35 million dollars. The estimate was low because he was denied financing for an ocean wind turbine barge that asked taxpayers to build the 91 million dollar “ship to no where” for ocean wind turbine contractors.(Note: the R.D. MacDonald barge is being built in New Jersey)
7 Sep 2014

http://www.windaction.org/posts?location=Massachusetts&p=4&topic=Offshore+Wind
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