Massachusetts regulators have approved a power-purchase deal between the nation's first offshore wind farm and its first customer.
The Department of Public Utilities on Monday approved a pact between the utility National Grid and Cape Wind, a 130-turbine wind farm planned for Nantucket Sound.
National Grid agreed to buy half the power generated by Cape Wind, and the department was charged with deciding if it was a good deal for ratepayers.
National Grid agreed to a starting price of 18.7 cents per kilowatt hour, about twice what it pays for power from conventional sources.
Critics argued the price was too high. But National Grid said the wind power was needed to meet renewable energy requirements. Supporters say the deal will save ratepayers money long-term.
Shares