John Kerry Urges Cape Wind Financing Plan Approval

BOSTON — U.S. Sen. John Kerry of Massachusetts is urging federal officials to approve a key portion of Cape Wind's financing plan.

Kerry and all 10 Massachusetts members of the U.S. House sent a letter Thursday to Energy Secretary Steven Chu asking that he speed Cape Wind's loan guarantee application so work can begin on the 130-turbine wind farm in Nantucket Sound.

Kerry says a timely approval will reduce the cost of electricity from the nation's first offshore wind farm.

Under a 15-year power purchasing agreement between National Grid and Cape Wind Associates, 75 percent of the savings from a federal loan guarantee would be passed along to customers in the form of lower rates.

Kerry says that translates into millions in savings.

The company hopes to start construction by the end of the year.

Comments

[PostModernGuy]

07:27 PM on 02/21/2011

I'm glad to see this moving closer to becoming a reality.

[mike dougles]

01:39 PM on 02/19/2011

Only took Sen Kerry 10 years to pick a side on this issue.

[SanJoaquinValleyGrower]

12:21 PM on 02/20/2011

But he finally did. It's the so called liberals in that area that don't want their coast views 'ruined'. He probably needs their votes.

http://www.forbes.com/2010/05/03/offshore-renewable-energy-technology-cape-wind.html

Same thing here in California for utility scale solar thermal plants.

http://www.eastbayexpress.com/ebx/oakland-invades-the-desert/Content?oid=2258794

[JCampbell]

11:55 AM on 02/21/2011

10 years and the need for fast cash.

[markkocaldo]

01:17 PM on 02/19/2011

At 23 cents a kwh total going to 34 cents over 15 years in tariff and other government lolly?

This compares to clean and green zero environmental impact nuke power at 2 cents a kwh today, less than 5 cents for new first of a kind nukes, and back to 2 cents for a few years down the road mass produced units.

This is a great business deal to a Democratic? I guess he wants to get it in before the clean energy bill including nuclear wipes out wind as an uneconomic option.

[1donewrong]

06:15 PM on 02/18/2011

Why does green energy always involve govt funding?

[thundermummy]

10:01 AM on 02/20/2011

Oil and coal get subsidies. Oil benefits from government upkeep of the highway system as well. No roads no cars, no cars no gas. Government often lays down an infrastructure that private business builds upon.

[JCampbell]

11:59 AM on 02/21/2011

Well, wind energy in particular will always require a heavy subsidy.

[BeckyJustice]

03:31 PM on 02/18/2011

They need a loan, and big oil gets subsidies? What in hades is going on around here? We are subsidizing all of the dirty souces of energy that are fast running out of product, while we are LOANING money to those who are trying to help us get past the need for them with sources that are infinate, and can save the users money to boot?

[dave knight]

01:58 PM on 02/18/2011

I hope they approve this financing, we need more alternative energy sources and there wind energy is the best investment so more clean renewable power, plenty of local winds it's a win win situation to finance this development project.

David Knight.
Electrical Engineer, Author and Educator.
Helping people to get off the power grid.
Founder of the popular, informative & resourceful
www.DIYPowerSystems.com site and author of the DIY Power System.