State approves Cape Wind electric rate deal

Cape Wind, the first offshore wind farm ever approved in the U.S., today passed another major milestone with the approval by the Massachusetts Department of Public Utilities of a 15-year Power Purchase Agreement with the utility, National Grid, to buy Cape Wind's energy, capacity and renewable energy credits. "Massachusetts is now in a position to become a global leader in offshore wind power creating thousands of new jobs and a more secure, hopeful energy future," Cape Wind President Jim Gordon said. "This long-term contract not only secures an abundant, inexhaustible clean energy resource but protects consumers from rising fossil fuel and environmental compliance costs," Gordon continued. The Department of Public Utilities (DPU) decision culminates a comprehensive six-month review of the project, including 13 days of evidentiary hearings with testimony from 15 witnesses, 1,362 exhibits and nearly 3,000 transcript pages.