New England power company Northeast Utilities subsidiary NSTAR will purchased energy, capacity and renewable energy credits from Cape Wind under the PPA.
Cape Wind President Jim Gordon said that approval enables the promotion of a new industry in offshore wind power, particularly in Massachusetts.
"With this decision, Massachusetts electric consumers have secured an abundant, inexhaustible, and clean energy resource that provides price stability and avoids all of the external costs of fossil fuels.
"Finally, our region will no longer be at the end of the energy pipeline, by harnessing an endless supply of offshore wind power, we will be producing homegrown and clean energy right here," Gordon added.
Under the agreement, NSTAR will receive 27.5% of Cape Wind’s power with the Massachusetts Supreme Judicial Court upholding the DPU’s approval of Cape Wind’s PPA with National Grid for 50% of its power.
