Cape Wind, touted as “America’s first offshore wind project,” became one of America’s most high-profile and controversial wind-energy projects. Fourteen years in the making, estimated at $2.6 billion for 130 turbines, covering 25 square miles in Nantucket Sound off the coast of Massachusetts, the Cape Wind project has yet to install one turbine—let alone produce any electricity. Now, it may be “dead in the water.” On January 6, the two power companies, National Grid and Northeast Utilities, that had agreed to purchase most of the electricity Cape Wind was to generate, terminated their contracts with the developers due to missed...