CAPE WIND POWER PRICE APPROVED

Massachusetts Approves Cape Wind/National Grid Power Purchase Agreement
November 22, 2010 (Business Wire via Market Watch)

"Cape Wind passed another major milestone today with the approval by the Massachusetts Department of Public Utilities (DPU) of the 15-year Power Purchase Agreement with National Grid to buy Cape Wind's energy, capacity and renewable energy credits…

"The DPU decision culminates a comprehensive six-month review of unprecedented scope, including 13 days of evidentiary hearings with testimony from 15 witnesses, 1,362 exhibits and nearly 3,000 transcript pages. Participation in the case was wide-ranging and extensive, with 14 different active parties."

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"This DPU approval comes on the heels of significant Cape Wind project announcements that locate the creation of over 1,000 new manufacturing, staging, assembly, construction, and operations jobs in Massachusetts. In addition, Siemens has opened their North American Offshore Wind office in Boston because of Cape Wind…"

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[From the DPU Approval:] "[I]t is abundantly clear that the Cape Wind facility offers significant benefits that are not currently available from any other renewable resources. We find that these benefits outweigh the costs of the project… "

"Cape Wind…[would be] America's first offshore wind farm…[and] would provide most of the electricity used on Cape Cod and the Islands…[It would reduce the] region's need to import oil, coal and gas…create new jobs, help stabilize electric costs, contribute to a healthier environment, increase energy independence and establish Massachusetts as a leader in offshore wind power…"