( – promoted by Mike “DD4RP” Rossettie)
Cape Wind will not decrease the price of energy in Massachusetts.
The Cape Wind project was always a bad deal, in the larger sense that the subsidies needed to bring the project online were far greater than justified by such green-energy benefits as it would confer. And now we find out that the subsidy needed by Cape Wind in order to attract investors is more than twice what we could originally have expected.
It is no answer to say that the National Grid deal is good for ratepayers because fossil fuel prices might rise in the years to come. The Federal Energy Information Administration does not expect the real cost of electricity generation to rise for more than a decade. Yet fossil fuel prices would have to more than double to make the National Grid deal a bargain for ratepayers.
Nor is there a lack of cheaper sources of renewable energy. Currently, the state does not permit the electric utilities to apply hydro or wind power bought from Canadian suppliers to their Renewable Portfolio Standard requirement. By eliminating this rule, the state could get all the renewable energy it wants without compelling ratepayers to pay more than the 15 cents per kWh they currently pay. The only reason not to use Canadian power or some other source of cheap, renewable energy is to keep the Cape Wind project going. But Massachusetts ratepayers should not be expected to bear the burden of supporting this project when there are cheaper sources of renewable energy available. The regulators should tell National Grid to find another supplier