Avangrid agrees to pay $48m to terminate offshore wind deal
Jul 17, 2023
Avangrid and the State’s three major utilities on Monday agreed to terminate a power purchase agreement they signed just last year, with the offshore wind developer agreeing to pay a total of $48 million to put the contract for Commonwealth Wind behind it.
The $48 million termination payment will be paid in three installments to the utilities — $25,900,800 to Eversource, $21,619,200 to National Grid, and $480,000 to Until – and the money will be reimbursed to ratepayers, according to filings with the Department of Public Utilities, which approved the power purchase agreement at the end of last year and must now approve the termination agreement.
