Investor Alert

Feb. 15, 2019, 7:31 a.m. EST

National Grid Seeks Approval of Revolution Wind Contract in Rhode Island

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    National Grid PLC ADR (NGG)

or Cancel Already have a watchlist? Log In

Feb 15, 2019 (3BL Media via COMTEX) -- SOURCE: National Grid

PROVIDENCE, R.I., February 15, 2019 /3BL Media/ - National Grid filed for regulatory approval of a 20-year contract for energy from a new, 400 MW offshore wind farm - Revolution Wind. The project, originally developed by Providence-based Deepwater Wind, has since been acquired by Orsted, one of the world's leading developers of offshore wind farms. National Grid selected Revolution Wind in coordination with the Rhode Island Office of Energy Resources and the Division of Public Utilities and Carriers. The project is more than 13 times the size of the Block Island Wind Farm and was selected through a competitive offshore wind energy procurement process in collaboration with Massachusetts. The procurement was part of Massachusetts's 2017 offshore wind request for proposals, which will result in a total production of 1,200 megawatts of carbon-free energy (800 megawatts of which will be delivered to Massachusetts and 400 megawatts to Rhode Island).

Revolution Wind will bring renewable, low-cost energy to National Grid's Rhode Island customers and contribute to the state and Company's shared goal of reducing greenhouse gas emissions by 80% below 1990 levels by 2050. The contract price for energy and environmental attributes is a fixed, nominal price of 9.8 cents per kilowatt hour (7.4 cents per kilowatt hour in 2017 dollars) over the entire term of the Purchase Power Agreement, setting a nationwide standard for developing offshore wind projects at reasonable costs for customers.

"National Grid remains committed to delivering energy to our customers in Rhode Island safely, affordably, and reliably long into the future," said Tim Horan, President of Rhode Island, National Grid. "Revolution Wind shows our commitment to renewable energy not only in Rhode Island, but across our footprint. Through projects like Revolution Wind, we are on our way to helping Rhode Island achieve 1,000 MW of clean energy by 2020 and progressing toward reducing greenhouse gas emissions by 80% by 2050."

National Grid and the state of Rhode Island pioneered the delivery of offshore wind power through the introduction of Block Island Wind Farm, off the coast of Rhode Island, currently the only operational offshore wind farm in the U.S. This farm supplies 30 megawatts of electricity, more than enough to meet Block Island's demand.

"The Revolution Wind project is a dramatic leap forward in our efforts to expand affordable, clean energy in Rhode Island," said State Energy Commissioner Carol Grant. "The project will reduce consumer energy costs while supplying enough carbon-free electricity to meet a quarter of the state's annual demand. It is a game changer for our energy system, environment, and our economy - one that will cement Rhode Island as a leader in the growing U.S. offshore wind industry and create hundreds of new jobs for our workforce."

National Grid looks forward to working with the state of Rhode Island and Orsted to bring Revolution Wind to fruition, pending the approval of the Rhode Island Public Utilities Commission.

About National Grid

National Grid /zigman2/quotes/204048449/composite NGG +0.52% is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York, Massachusetts, and Rhode Island. We are the largest distributor of natural gas in the Northeast. National Grid also operates the systems that deliver gas and electricity across Great Britain.

National Grid is transforming our electricity and natural gas networks with smarter, cleaner, and more resilient energy solutions to meet the goal of reducing greenhouse gas emissions by 80 percent by 2050. Our Northeast 80x50 Pathway is an industry leading analysis for how to reach that goal in the states we serve, focusing on the power generation, heat, and transportation sectors.

Read more about the innovative projects across our footprint in The Democratization of Energy , an eBook written by National Grid's U.S. president, Dean Seavers.

For more information please visit our website . You can also follow us on Twitter , watch us on YouTube , like us on Facebook , find our photos on Instagram .

Tweet me: .@nationalgridus seeks approval of Revolution Wind contract, which will be the largest #offshore #windpower project in Rhode Island and bring them closer to their goal of reducing #ghg emissions 80 percent by 2050. http://bit.ly/2tjWYfd

KEYWORDS: LSE: NG, NYSE: NGG, Rhode Island Wind, wind power, Providence RI, National Grid, Revolution Wind, Rhode Island Office of Energy Resources, the Division of Public Utilities and Carriers, Tim Horan President of Rhode Island National Grid, State Energy Commissioner Carol Grant, Northeast 80x50 Pathway, greenhouse gas emissions, GHG

$ 60.06
+0.31 +0.52%
Volume: 302,112
Jan. 22, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$42.50 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.