Deepwater Doubles Size Of Proposed U.S. Wind Farm
December 9th | Planet Ark

The developer of a proposed wind farm off Rhode Island doubled the project's size, saying greater scale -- which could boost its price tag to $5 billion -- would allow it to sell electricity at a lower price.

Deepwater Wind said it now plans to install 200 wind turbines some 20 miles off the coast of the smallest U.S. state. The project could generate enough electricity to meet the needs of 800,000 typical American homes.

The expansion pushes the project's estimated cost to as much as $5 billion, which could make it challenging to finance, according to an energy analyst who has advised the company.

The high price of electricity generated by proposed offshore wind farms has generated fresh public opposition to the projects, as developers reach agreements to sell their power to utilities at more than double local prevailing rates.

"We need to get to large scale to get to competitive pricing," Deepwater Chief Executive William Moore said on Wednesday.

Cape Wind, which intends to start building a wind farm off Massachusetts next year, signed an agreement to sell its power to utility National Grid Plc at 18.7 cents per kilowatt hour, and a smaller Deepwater project reached a deal to sell electricity to the same utility for 24.4 cents per kilowatt hour. Those are more than double local prevailing rates.

Deepwater said it expects the larger wind farm to sell electricity in the "mid-teens," referring to a rate of cents per kilowatt hour.

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