APNS Responds: Cape Wind Relying on Conditional Foreign Investments
After the news that Cape Wind offshore project will get a further USD 600 million from Denmark, the Alliance to Protect Nantucket Sound (APNS) yesterday released the following statement:
Today’s announcement is another example of Cape Wind’s reliance on conditional foreign investments. The high priced and controversial project has yet to receive any U.S. financing or obtain a critical loan guarantee from the U.S. Department of Energy. For nearly ten years, Cape Wind has claimed they will begin construction next year, but the project continues to struggle under the weight of numerous lawsuits, increased opposition to its high costs, and looming deadlines. Cape Wind currently faces five federal lawsuits which have been filed by nearly a dozen parties, challenging federal permits as well as its overpriced power contract with NStar. Cape Wind’s power contracts with Massachusetts utilities terminate at the end of 2015 if Cape Wind has not begun construction.
In addition, the private developer has yet to complete necessary pre-construction surveys and still needs authorization from the National Marine Fisheries Service for harming marine mammals during construction. Cape Wind is an outdated project that would cost ratepayers three times the cost of other readily available renewable energy – adding billions of dollars in unnecessary electricity costs for MA ratepayers to create jobs overseas.
Press release, February 27, 2014; Image: saveoursound