Cape Wind will reduce wholesale electric prices for the New England region by $4.6 billion over 25 years, according to a new report published by Charles River Associates, an economic consulting firm.
The report found that Cape Wind will place downward pressure on the wholesale clearing price of electricity by reducing operations of higher-priced and polluting fossil-fuel units. This will result in an average savings of $185 million per year in New England.
‘This report makes it very clear: Cape Wind will provide good, long-term value to electric consumers,’ says Jim Gordon, president of Cape Wind. ‘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.’
Cape Wind has been undergoing a comprehensive review by 17 federal and state agencies over the past eight years.
The Charles River Associates report, entitled, ‘Analysis of the Impact of Cape Wind on New England Energy Prices,’ was commissioned by Cape Wind.
SOURCE: Cape Wind