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Two utilities opt out of Cape Wind
Future of Nantucket Sound turbine project in doubt as purchase contracts are terminated
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.”
http://www.bostonglobe.com/metro/2015/01/06/major-setback-for-cape-wind-project/kggnYeAXRj03PyfIUn2iIM/story.html?event
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.”
http://www.bostonglobe.com/metro/2015/01/06/major-setback-for-cape-wind-project/kggnYeAXRj03PyfIUn2iIM/story.html?event
