OAK BLUFFS – State regulators have approved the cancellation request from SouthCoast Wind to terminate its contracts with utility companies.
The offshore wind developer just south of Martha’s Vineyard will have to pay $60 million dollars to Eversource, National Grid and Unitil.
The utilities will then credit customers through contract adjustments.
It joins Commonwealth Wind in successfully terminating agreements after recent economic hikes made previously agreed-upon prices unsustainable, according to representatives.
Representatives of both developers said that they intend to submit new bids during the state’s next application round.
About Grady Culhane
