Deepwater Wind said it wants to double the size of its proposed wind farm off the coast of Rhode Island.
Expanding the project to 200 wind turbines with a combined capacity of 1,000 megawatts (MW) could raise the total project cost to $5 billion. But the developer said it would lower the per-kilowatt-hour price for the electricity sold into the grid.
Deepwater alread signed an agreement to sell electricity to utility National Grid (NYSE: NGG) for 24.4 cents per kilowatt hour. However, National Grid and Massachusetts’ Cape Wind project ran into stiff opposition, before finally getting their 18.7 cents per kilowatt hour rate approved by regulators.
So, Deepwater wants to iscale up its project to lower the rate it can offer. "We need to get to large scale to get to competitive pricing," Deepwater CEO William Moore said.
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