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Friday, January 23, 2015

America's first offshore wind project dealt major setback after utilities bolt

An ambitious and controversial push to erect America's first offshore wind farm has been dealt what some call a potentially "fatal" blow after two utility companies pulled out of commitments to buy energy from the lagging operation.

The $2.6 billion Cape Wind project, a private operation benefiting from millions in federal subsidies, is attempting to pioneer offshore wind energy in pursuit of an eco-friendly, sustainable energy supply. Wind turbines would be installed off the coast of Massachusetts' Cape Cod in Nantucket Sound.

But Cape Wind is now in limbo after utility companies terminated huge purchase agreements. They pulled out after the project failed to meet two requirements by Dec. 31: to secure financing and begin construction.

The wind farm was relying on NSTAR and National Grid to purchase a combined 77.5 percent of its offshore wind power.



Anonymous said...

that would never happen here, right?

Anonymous said...

Anyone with investments in wind power better get out while the getting is good.

Anonymous said...

Where's that quick buck artist Aljazeera Gore when you need him? Oh I forgot, he needs to steal his investments and then sell them to alibaba the lower bidder like he did the TV station. Labomba will be helping out on this deal knowing that there's money to be made when the selling price is FREE.

Anonymous said...

What a disaster that would be for Cape Cod. Goodbye to all the things that make that place meaningful.

Anonymous said...

Wind energy is dangerous junk that destroys the local environment. No coal plants are closed because wind requires 100% backup. The electricity produced by wind costs more than twice as much as conventional sources.
Bottom line, the cost does not justify the means.

Anonymous said...

When is Governor OMalley's windmills off Ocean City ready to start construction. Thought legislature forced Delmarva Power to invest due to New England investment problems.

Anonymous said...

No one wants a windmill in their backyard unless they are getting cash in return. This is just another way for Obama to throw more tax payers money away on nothing.