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National Grid announced Friday that it will file a contract to buy half of the power generated by Cape Wind, the nation’s first large-scale, off-shore wind farm.
Based on its forecasts of what customers will pay for electricity in 2013, National Grid projected there will be a monthly bill increase of $1.59 for a typical residential customer through the deal.
The contract will be filed with the state Department of Public Utilities on Monday, National Grid said. Cape Wind signed a memorandum of understanding with National Grid in November to sell power to the Northeast utility.
“We absolutely must develop our homegrown renewable energy resources if we are to meet state and federal renewable goals, secure our energy future and seize the leadership position in the global clean energy economy,” said Tom King, National Grid in a news release.
Under the terms of the contract, which must be approved by the DPU, beginning in 2013, National Grid would purchase from Cape Wind 50 percent of the wind farm’s output for 20.7 cents per kilowatt hour. That price, which assumes existing federal tax incentives, would increase 3.5 percent per year during the 15-year term of the contract.
The wind farm’s remaining 50 percent will be purchased by another party or parties, National Grid said.
Last month, U.S. Interior Secretary Ken Salazar gave the final approval for Cape Wind Associates to place 130 wind turbines in Nantucket Sound.
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