Feb 12 2010
According to a new report titled “Analysis of the Impact of Cape Wind on New England Energy Prices” published by Charles River Associates, the wholesale price of electricity in the New England region will be reduced by $4.6 billion over the next 25 years by Cape Wind.
By reducing its operations from polluting and higher priced fossil fueled powered units, Cape Wind will put a downward pressure on wholesale electric prices resulting in average savings of $185 million per annum in New England.
Jim Gordon, Cape Wind President, said that by reducing its operations in fossil fuel units, the company will help to reduce electricity prices in the region besides reducing greenhouse gas emissions and pollutants. He added that the electric consumers will be benefited by Cape Wind, which is made clear in the report.
The proposed offshore wind farm, during its construction phase will create about 600 to 1,000 construction jobs besides providing 50 permanent jobs during its operation. Cape Wind has received positive environmental review from 17 Federal and State agencies that was conducted over the last eight years.
Gordon commented that while the prices of oil and natural are unpredictable in the future, the price of wind will be nil. The consumer’s electric bill is uncertain due the constant changing prices oil, natural gas and coal, and the company will help to stabilize the electricity prices, he added.
Source: www.capewind.org