New Study: $185 million annual savings in New England if the offshore wind farm were running today
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 today by Charles River Associates, a leading 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 fueled units. This will result in average savings of $185 million per year in New England.
Project will also create 600-1,000 clean energy construction jobs and 50 permanent jobs.
"This report makes it very clear, Cape Wind will provide good long term value to electric consumers," said Cape Wind President Jim Gordon. " 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," Gordon added.
The project will also create 600-1,000 clean energy construction jobs and 50 permanent jobs as it becomes America's first offshore wind farm. Cape Wind has been undergoing a comprehensive review by 17 Federal and State agencies over the past eight years with each succeeding environmental report giving it a very positive review.
Cape Wind is expected to provide enough power to supply approximately 10 percent of projected 2013 demand in Southeastern Massachusetts. - CRA.
"No one knows how high the price of natural gas and oil will go in the next 25 years but we do know that the price of wind will remain zero," Gordon added. "A barrel of oil skyrocketed to $140 twenty months ago, then went down to $40 and has now almost doubled again, hovering around $75.
Natural gas and coal prices have also been volatile which creates a lot of uncertainty in a consumer's electric bill. Cape Wind will provide significant help for electric consumers by stabilizing energy prices.
The Charles River Associates report is entitled, ‘Analysis of the Impact of Cape Wind on New England Energy Prices', and was commissioned by Cape Wind.
The full report can be downloaded from Cape Wind's website by clicking here.