Cape Wind offshore wind project hits new snag

BOSTON (AP) — Two electric utilities have terminated their contracts to buy power from the proposed wind farm in Nantucket Sound, saying project managers had missed a crucial deadline.

National Grid and NSTAR — a unit of Northeast Utilities — say Cape Wind 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 had agreed to buy 27.5 percent of Cape Wind's power. National Grid had signed on to purchase 50 percent.

Cape Wind has proposed a $2.5 billion, 130-turbine offshore wind farm in the waters off Cape Cod.

A Cape Wind spokesman says the developer does not "regard these terminations as valid" because of provisions in the contracts that extend deadlines, including protracted litigation.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs