The Cape Wind offshore wind farm will reduce wholesale electric prices for the New England region by $4.6 billion over 25 years, according to a new report published by economic consulting firm Charles River Associates.
The report is the latest round in the ongoing permitting struggle for the wind farm proposed off the coast of Massachusetts in Nantucket Sound.
The report is entitled, ‘Analysis of the Impact of Cape Wind on New England Energy Prices’, and was commissioned by the project’s developers.
It found that Cape Wind will place downward pressure on the wholesale clearing price of electricity by reducing operations of higher priced and polluting fossil fueled units. This will result in average savings of $185 million per year in New England.
The project also is expected to create 600-1,000 construction jobs and 50 permanent wind jobs enroute to becoming one of America’s first offshore wind farms. Cape Wind has been undergoing a comprehensive review by 17 Federal and State agencies over the past eight years.
"This report makes it very clear, Cape Wind will provide good long term value to electric consumers," said Cape Wind President Jim Gordon. "By reducing operations of higher priced fossil fuel units, Cape Wind will reduce regional electric prices, reduce pollutant and greenhouse gas emissions while increasing our energy independence."
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