NewEnergyNews More: THE BIGGER BENEFITS OF OFFSHORE WIND

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  • Sunday, April 1, 2012

    THE BIGGER BENEFITS OF OFFSHORE WIND

    Study: Cape Wind Will Reduce Regional Electricity Prices by $7.2 Billion
    March 31, 2012 (Cape Wind)

    "Cape Wind will reduce wholesale electric prices for the New England region by $7.2 billion over 25 years, according to…Charles River Associates, a leading economic consulting firm…

    "…
    [Update to the Analysis of the Impact of Cape Wind on Lowering New England Energy Prices] shows that ISO New England, the electric grid operator, first dispatches electric generating units with the lowest cost fuel. Since Cape Wind’s fuel – wind – is zero cost…Cape Wind will displace higher priced and polluting fossil fueled units resulting in average savings of $286 Million per year in New England…"

    click to enlarge

    "…The original report was published in February, 2010…The increase in price suppression in the report update was attributed primarily to an increase in power plant retirements and a larger price difference between natural gas and fuel oil.

    "Price suppression in wholesale electric markets occurring as a result of wind power projects has been documented in Europe and in several U.S. power markets. Price suppression from wind power was noted in [a 2009 New England Governors repot], which stated…[that] the wind resource potential could provide downward pressure on the marginal prices for energy within the New England electricity market…[and] benefit New England consumers…"

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