The utility National Grid has agreed to buy electricity from the nation’s first wind farm, planned off the coast of Cape Cod.
Under the 15-year contract announced today, National Grid would pay 20.7 cents per kilowatt hour starting in 2013 for electricity purchased from the 130-turbine Cape Wind project in Nantucket Sound.
The price would go up by 3.5 percent annually to keep pace with inflation.
The cost of electricity from conventional sources is about 9 cents per kilowatt hour.
The utility says the deal will add about $1.50 the average customer’s monthly electricity bill in 2013.
The deal is considered crucial for financing a project estimated to cost at least $2 billion.
It must still be approved by state regulators.
GAZETTE COVERAGE
Ensure access to everything we do, today and every day, check out our subscribe page at DailyGazette.com/SubscribeMore from The Daily Gazette:
Niskayuna Town Board to implement three-minute public comment time limit
Waite: High-skilled union work must remain in Niskayuna 
Ballston Spa High School student, 14, hit by car Monday, flown to Albany Med
Schenectady man pleads guilty in 2021 city murder; Killed woman, then called 911, DA says
Glenville pauses bulk pickup program
Categories: News
