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National Grid unit to buy power from Cape Wind

Fri, 05/07/2010 - 3:26pm
Reuters

NEW YORK (Reuters) - In a landmark move that should help the first major U.S. offshore wind farm gain financing, a unit of UK-based National Grid agreed to buy power from the $1 billion Cape Wind project, which has won approval after a nine year struggle.

The deal would raise the short-term price of electricity for National Grid customers in Massachusetts by 2 percent, according to estimates. But in the long run, wind power could keep rate increases under control, especially if natural gas prices rise or if the federal government taxes carbon emissions to fight global warming.

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