Parent Of Massachusetts Utility Enters Partnership To Develop Offshore Wind Project
December 14,2016
DONG Energy and Eversource Energy announced that Eversource has acquired a 50 percent ownership interest in the Bay State Wind offshore wind project in order to jointly develop the project
DONG Energy Wind Power U.S. Inc. and Eversource will seek to jointly develop, construct and operate the utility-scale offshore wind project in a 50-50 partnership
The proposed offshore wind farm would be located approximately 15-25 miles south of Martha’s Vineyard in an area that has the potential to develop at least 2,000 megawatts of electricity
The companies noted that, in August 2016, Massachusetts formally adopted an energy bill that includes a mandate that state utilities purchase 1,600 MW of offshore wind power by 2027. The first state-led procurement process will begin in June 2017.
The bill allows utilities to either use any procured power for default service, or to sell power into the market with costs recovered on a nonbypassable basis (see details here). Cost recovery for the proposed Bay State Wind offshore wind project was not immediately clear