Ratepayers are expected to pay an above-market price of $440 million for Deepwater’s energy over the next two decades, according to a 2015 filing with the state Public Utilities Commission. Critics say total tab will be more than $500 million, due to added costs, like laying the cable linking Block Island to the mainland. This cost sparked the filing of a federal lawsuit last year that attempts to undo the contract between the utility company National Grid and Deepwater Wind.
Results for "fire" in Library filed under Impact on Economy from Rhode Island
National Grid has agreed to pay Deepwater Wind the same price previously negotiated for electricity from a wind farm planned in waters off Block Island but, in a new contract proposal filed with state regulators on Wednesday, the two sides left open the possibility of a lower price.
The executive director of the Energy Council of Rhode Island, a nonprofit organization known as TEC-RI that represents 35 of the state's biggest manufacturers, universities and hospitals, testified on Tuesday against an agreement under which Deepwater Wind would sell power generated by the offshore wind farm at more than twice the price National Grid pays for electricity from conventional sources.
Some of Rhode Island's largest users of electricity have come out for the first time in opposition to a proposed power-purchase agreement between National Grid and the developer of an eight-turbine wind farm in waters off Block Island. ..."We have concluded that this contract includes a price that is so high that it more than negates any other potential attractive features."