Cape Wind has been suspended from New England’s wholesale electricity market and has pulled out of a lease for land that had been earmarked for staging the 468MW project.
A New England ISO spokeswoman declined to comment on the specific reasoning behind the decision.
She said: “In general, suspensions are a result of a participant not maintaining a minimum amount of collateral and/or not complying with other financial assurance or billing requirements.”
In response a Cape Wind spokesman said: “We do not regard this as relevant because Cape Wind will be qualified well in advance of coming online and actually producing energy for sale.”
On 31 December, National Grid and Northeast Utilities’ NStar ended their power purchase agreements for 77.5% of Cape Wind’s proposed 468MW capacity.
Cape Wind has agreed to lease space for staging at New Bedford’s Marine Commerce Terminal. The land was also for staging and assembly for the $2.5 billion wind project.
But Cape Wind confirmed it is no longer paying according to a July 2014 agreement with Quonset Development Corporation for 14 leased acres in North Kingstown, Rhode Island.
A Cape Wind spokesman said: “We no longer require the use of Quonset Point now that the New Bedford site has been completed.”
Cape Wind had paid a $10,000 deposit and $19,200 monthly to Quonset since September. The agreement was terminated last week.
In addition, Cape Wind’s 2012 purchase-and-sale agreement for the three-acre East Marine terminal in Falmouth, Massachusetts, has expired, said terminal general manager Michelle Ostiguy. Cape Wind declined to comment on this.
The project has faced 26 lawsuits by opponents.
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