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Cape Wind to "cut electricity bills by $7.2bn"

UNITED STATES: Cape Wind will reduce wholesale electric prices for the New England region by $7.2 billion over 25 years, a new report claims.

The report, published on Saturday by economic consulting firm Charles River Associates, claims that the controversial offshore wind farm could result in average savings of $286 Million per year in New England.

It explains that because grid operator ISO New England first dispatches electric generating units with the lowest cost fuel and wind is zero cost, Cape Wind will displace higher priced and polluting fossil fueled units, therefore creating the substantial savings.

"This report makes it clear that Cape Wind will save electric consumers billions of dollars through price suppression while also creating jobs and helping promote cleaner air and greater energy independence," said Mark Rodgers, Cape Wind Communications Director.

The findings are in stark contrast to the claims by Cape Wind’s opponents, who in January failed in a legal attempt to block Cape Wind’s 15-year PPA with National Grid on the grounds that it would result in much higher electricity prices than other renewable-energy options.

 

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