Power Purchase Agreements
Cape Wind has signed a power purchase agreement with National Grid to sell half the project's output (i.e. about 750GW·h per year) for an initial price of 20.7 ¢/kW·h (later agreed at 18.7¢) — a price more than twice current retail rates. The deal is subject to approval by the Massachusetts Department of Public Utilities (PUC). In February 2012, NSTAR Utility agreed to a PPA equivalent of 129 MW capacity, a demand from PUC for allowing NSTAR and Northeast Utilities to complete a $4.8 billion merger. The second power purchase agreement with state utility NStar for 27.5 percent of the output has also been approved by Massachusetts regulators.
Read more about this topic: Cape Wind
Famous quotes containing the words power, purchase and/or agreements:
“What you fail to understand is the power of hate. It can fill the heart as surely as love can.”
—Earl Felton, and Richard Fleischer. Captain Nemo (James Mason)
“O, let us have him, for his silver hairs
Will purchase us a good opinion,
And buy men’s voices to commend our deeds.”
—William Shakespeare (1564–1616)
“The Federal Constitution has stood the test of more than a hundred years in supplying the powers that have been needed to make the Central Government as strong as it ought to be, and with this movement toward uniform legislation and agreements between the States I do not see why the Constitution may not serve our people always.”
—William Howard Taft (1857–1930)