New Post has been published on SciTech Online Magazine
New Post has been published on http://scitechnews.co.uk/wind-wave-tidal/fatal-blow-dealt-to-cape-wind/
Fatal blow dealt to Cape Wind?
Two major utility companies have cancelled contracts to buy power from Cape Wind’s proposed offshore wind farm.
NationalGrid and NStar have stated that Cape Wind’s project managers missed a crucial deadline to obtain financing and begin construction on the project. The 130 turbine farm would cost around £1.7billion ($2.5billion) to manufacture and install so without the utility company’s financial collateral it looks impossible to go ahead.
NStar had agreed to 27.5 per cent of Cape Wind’s power, and NationalGrid had agreed to purchase 50 per cent both a substantial amount.
“The deadlines Cape Wind has missed were contractually agreed-upon by both companies,” a Northeast Utilities spokeswoman said in a statement late Tuesday.
She added: “We remain committed to meeting the commonwealth’s clean energy goals through competitively bid contracts while also keeping prices down on behalf of our customers.”
A National Grid spokesman said utility is “disappointed that Cape Wind has been unable to meet its commitments.”
He added: “We will continue to pursue other renewable options, including solar, competitively priced on- and off-shore wind, and other technologies as they become available.”
A spokesperson from Cape Wind stated that “regard these terminations as valid” because of provisions in the contracts that extend deadlines, including protracted litigation.
Source:
http://www.wbur.org/2015/01/07/utilities-cast-doubt-on-cape-wind
Image Source:
http://images.dailytech.com/nimage/14389_large_Cape_Wind_Project_Map.png
