New Bedford Terminal Struggles for Return on Investment
- Business & Finance
Massachusetts state officials are trying to find a user of the New Bedford marine terminal, initially meant to be used for the Cape Wind project.
However, current options could bring in a lower return on investment than what Cape Wind would have brought, writes Isaac Orr, a research fellow for energy and environmental policy at The Heartland Institute.
The Cape Wind project developers withdrew from using the South Coast Marine Commerce Terminal in New Bedford after facing delays due to terminated power purchase agreements. Massachusetts Clean Energy Center (MassCEC) then decided to find another user of the terminal, who will create jobs and profit until the Cape Wind project gets back on track.
The terminal, which is still under construction, has already gone over budget and schedule, Isaac Orr said. “Unless something unexpected occurs, with the collapse of the Cape Wind project, it seems Massachusetts taxpayers will be saddled with an expensive, idled shipping terminal, constructed to serve as a hub for the building and maintenance of an off-shore wind farm, that never got off the ground.”