BREAKING NEWS — National Grid and Deepwater Wind sign power purchase agreement
Governor Donald Carcieri announced late Wednesday that developer Deepwater Wind and National Grid have signed a 20-year power purchase agreement for electricity to be generated at an eight-turbine wind farm planned for within three miles of Block Island.
Under the terms of the agreement, National Grid would purchase the electricity generated from the Block Island Wind Farm at a cost of 24.4 cents per kilowatt hour in the first full year of operation, expected in 2013, escalating at 3.5 percent per year. This would, according to the governor’s press release, translate into an increase on the typical 500 kilowatt-hour residential customer’s monthly bill of approximately $1.35 per month in that year. The agreement is subject to the review and approval of the Rhode Island Public Utilities Commission.
The Block Island Times will provide further coverage in its upcoming issue.