7 May 2010– National Grid Plc. will seek regulatory approval to sign a contract to buy half of the power output from the 468 MW Cape Wind offshore wind project off the coast of Massachusetts.
Under the 15-year contract, National Grid will pay 20.7 cents a kilowatt-hour for the wind power output starting in 2013, and the price will increase 3.5 percent each year.
The Department of the Interior approved the first offshore wind project in the U.S. in March. The $1 billion wind farm will use 130 Siemens wind turbines near Cape Cod.
A legal challenge is pending in Massachusetts courts.
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