Library filed under Offshore Wind from Massachusetts

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

Judge rules in favor of Cape Wind plans

"If instead of a judicial robe, I were to wear the hat of John Muir or Milton Friedman, I might well conclude that the Cape Wind project should have been built elsewhere (or not built at all), or that the NStar-Cape Wind contract should never have been approved," Stearns wrote. ...The banks expect to provide more than $400 million in debt themselves in addition to $900 million in potential financing from other sources.
3 May 2014

Funds and new timetable for offshore wind farm in Massachusetts

Cape Wind has long held out the promise that it would become the nation’s first offshore wind farm, using 130 large turbines to provide clean, renewable energy for 75 percent of customers on Cape Cod, Martha’s Vineyard and Nantucket. But in a decade-long drama, it has been fiercely challenged: by wealthy homeowners who say it would ruin their views; by businesses that fear substantial rate increases; and by fishermen who say it would interfere with their catches.
27 Feb 2014
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