National Grid buys 50 percent of Cape Wind power (Boston)
National Grid announced Friday that it will file a contract to buy half of the power generated by Cape Wind, the nation’s first large-scale, off-shore wind farm.
Based on its forecasts of what customers will pay for electricity in 2013, National Grid projected there will be a monthly bill increase of $1.59 for a typical residential customer through the deal.
The contract will be filed with the state Department of Public Utilities on Monday, National Grid said.
“We absolutely must develop our homegrown renewable energy resources if we are to meet state and federal renewable goals, secure our energy future and seize the leadership position in the global clean energy economy,” National Grid President Tom King said in a news release.
Under the terms of the contract, which must be approved by the DPU, beginning in 2013, National Grid would purchase from Cape Wind 50 percent of the wind farm’s output for 20.7 cents per kilowatt hour.
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