BREAKING NEWS UPDATE: IN A POTENTIAL MAJOR BLOW TO THE FUTURE OF THE CAPE WIND PROJECT – NSTAR AND NATIONAL GRID HAVE TERMINATED PREVIOUSLY SIGNED POWER-PURCHASING AGREEMENTS. LETTERS FROM THE UTILITIES TO CAPE WIND CITE THE FAILURE OF SEVERAL MILESTONES. ACCORDING TO NSTAR – THOSE INCLUDE THE FAILURE TO SECURE FINANCING AND BEGIN CONSTRUCTION BY THE END OF 2014. THE LETTER SAYS BOTH MILESTONES HAVE BEEN MISSED – AND THE CONTRACT IS TERMINATED. NSTAR SAYS CAPE WIND DID NOT EXERCISE THEIR RIGHT TO POST FINANCIAL SECURITY – WHICH COULD HAVE EXTENDED THE CONTRACT DEADLINES. A CALL SEEKING COMMENT FROM CAPE WIND WAS NOT IMMEDIATELY RETURNED. THE FIRM FIRST ANNOUNCED THE WIND FARM PROJECT IN 2001. IT CALLS FOR THE CONSTRUCTION OF 130 TURBINES. THE AGREEMENTS WITH NSTAR AND NATIONAL GRID REQUIRED THAT CAPE WIND BEGIN PHYSICAL INSTALLATION THAT WAS (QUOTE) “INTEGRAL” TO THE ASSEMBLY OF WIND TURBINES BY DECEMBER 31ST, 2014. IN A COURT FILING LAST YEAR RELATED TO THE PROJECT – CAPE WIND PRESIDENT JIM GORDON SAID WITHOUT THE POWER PURCHASE AGREEMENTS – THE PROJECT COULD NOT PROCEED. PREVIOUS REPORTS HAVE INDICATED CAPE WIND WOULD NEED 2 BILLION DOLLARS IN FINANCING AND 500 MILLION DOLLARS FROM INVESTORS. CAPE WIND OPPONENTS SAY NSTAR WAS FORCED TO SIGN THE POWER AGREEMENT BY GOVERNOR DEVAL PATRICK YEARS AGO AS A CONDITION FOR APPROVING A MERGER WITH NORTHEAST UTILITIES. PATRICK HAS BEEN A MAJOR SUPPORTER OF WIND POWER DURING HIS EIGHT YEARS IN OFFICE. THE ALLIANCE TO PROTECT NANTUCKET SOUND RECENTLY HIRED HARVARD UNIVERSITY PROFESSOR LAWRENCE TRIBE FOR THEIR ONGOING APPEAL OF THE PROJECT. #
Posted on: Wed, 07 Jan 2015 01:20:28 +0000
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