National Grid agrees to buy electricity from Cape Wind

[OKIsItJustMe]

http://www.theday.com/article/20100508/BIZ03/305089947/-1/BIZ

National Grid agrees to buy electricity from Cape Wind

By JAY LINDSAY Associated Press Writer

Publication: The Day
Published 05/08/2010 12:00 AM
Updated 05/08/2010 02:06 AM

Boston- The utility National Grid announced Friday that it has agreed to buy electricity from the nation's first offshore wind farm, planned off the coast of Cape Cod.

Under the 15-year contract, National Grid would pay 20.7 cents per kilowatt hour starting in 2013 for half the power produced by the 130-turbine Cape Wind project in Nantucket Sound.

The price would go up by 3.5 percent annually to keep pace with inflation.

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Adjusted to today's dollars, Cape Wind officials say the cost in first year of the deal is 18.7 cents per kilowatt hour compared to the current cost of electricity of about 9 cents per kilowatt hour. The utility, which has 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island, said the deal will add about $1.59 to the average customer's monthly electricity bill in 2013.

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