BP's Tatics in Cape Vincent Ny

Wednesday, January 7, 2015

Utilities terminate Cape Wind power contracts

CAPE WIND FACED a potentially crippling blow Tuesday night as the state’s two largest utilities announced they were terminating their contracts to purchase roughly three-quarters of the power output of the proposed wind farm in Nantucket Sound because of the project’s failure to meet two critical deadlines. 

NStar officials, who released copies of the letter they sent Cape Wind, said the project had failed to complete financing for the wind farm and begin construction by the end of 2014, as required by the power purchase contract. NStar said Cape Wind could have extended the deadlines for two additional six-month periods by paying a deposit of nearly $1.3 million, but chose not to do that. Without the power contracts, it is unlikely Cape Wind would be able to finance and build the 130-turbine project that sought to become America’s first offshore wind farm. 

Utilities terminate Cape Wind power contracts ~ Commonwealth

1 comment:

Anonymous said...

This is almost as good news as when BP left Cape Vincent. The residents on Cape Cod must be ecstatic!!