Wind power rejected by Rhode Island Public Utilities Commission-stunning and welcome loss for RGGI cap and trade pressure group

• Big loss for RGGI shakedown crew. Conservation Law Foundation backed the wind scam in this case. The people are finally being heard.
  

(CNSNews.com) - "The R.I. Public Utilities Commission on Tuesday rejected a contract that would have allowed Rhode Island’s largest electric utility to buy power from a wind farm that's planned for the waters off the R.I. coast. It would have been the first project of its kind in the United States, the Providence Journal reported.

• The three-member commission voted unanimously against the power-purchase agreement, saying the price of power agreed to by the two sides was too high and that the overall deal was not “commercially reasonable.”

According to the Providence Journal, "The crux of the proposed agreement was a sale price of 24.4 cents per kilowatt hour, nearly three times the price National Grid pays for energy from fossil-fuel fired power plants and nuclear facilities. Over the 20-year contract, the price would have escalated by 3.5 percent annually,

• so, by the final year, it would have been 48.6 cents per kilowatt hour. Combined with a 2.75-percent markup on clean energy that National Grid was allowed by Rhode Island law, it would have meant hundreds of millions of dollars in additional costs to the state’s 480,000 ratepayers over two decades."

Read report from Providence Journal and see Newspaper Roundup

• UPDATE: From this entry, it would have been a big guaranteed payday for Deep Water investors, and an 'uncaring' robbery of ratepayers. The kind 'environmentalists' assumed citizens and their reps would fall for it. ed.