Two utilities opt out of Cape Wind

Boston Globe ^ | January 7, 2015 | Jim O’Sullivan

[grundle]

The Cape Wind plan was dealt a major setback Tuesday when two power companies that had agreed to buy energy from the Nantucket Sound wind farm terminated their contracts with the developers, raising questions about the future of the $2.5 billion offshore project.

National Grid and Northeast Utilities said Cape Wind had missed the Dec. 31 deadline contained in the 2012 contracts to obtain financing and begin construction, and chosen not to put up financial collateral to extend the deadline.

NStar, a Northeast Utilities subsidiary, informed Cape Wind officials of its decision late Tuesday, officials said.

“Unfortunately, Cape Wind has missed these critical milestones,” Northeast Utilities spokeswoman Caroline Pretyman said in an e-mail. “Additionally, Cape Wind has chosen not to exercise their right to post financial security in order to extend the contract deadlines. Therefore the contract is now terminated.”

In a separate e-mail, National Grid spokesman Jake Navarro said the utility was “disappointed that Cape Wind has been unable to meet its commitments under the contract, resulting in today’s termination of the power purchase agreement.”

Under the 2012 agreement, Northeast Utilities and NStar agreed to buy 27.5 percent of Cape Wind’s production. National Grid had previously signed on to purchase 50 percent.

A Cape Wind spokesman said the developer does not “regard these terminations as valid” because of provisions that, the company argued, would extend the deadlines.

[grundle]

This is the proposed wind farm that was opposed by Ted Kennedy because it would have been visible from the Kennedy compound.

[9thLife]

Well, here's what you do. You dig up Ted and have another funeral for him. And this time, instead of having "dignitaries" come and say how much we need to have Obamacare in honor of Ted, just have them say how much you need to have the wind farm in honor of Ted.

It worked for obamacare, didn't it?

[hadaclueonce]

without the Production Tax Credit, wind generators would not exist.

Wave next time you see one, your paying for it.

[BilLies]

And don’t forget your neighbors who are putting solar panels on their homes and business. They love sticking it to you while “Smiling Green”.

[KarlInOhio]

If the companies bailed out of a multi-year contract after a one month missed deadline they were looking for a reason to escape it. If they thought it was still a good idea they would have stuck it out. There's still a chance they did this in order to strike a better deal, but I doubt it.

[JPG]

MA wind farm

[acapesket]

Only smart thing Dead head Ted ever opposed.

I am beside myself with joy!!!
Take your wind Farms and go SCREW you stupid Greenies!