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National Grid has Xanax Generic Substitute agreed to buy electricity produced by an eight-turbine offshore wind project in Rhode Island state waters, Gov. Donald Carcieri announced yesterday.

“This agreement marks a Xanax Generic Substitute historic moment for the state of Rhode Island,” Deepwater Wind CEO William Moore said in a statement.  “Our agreement with National Grid is a critical next step in Deepwater’s plans to develop the nation’s first offshore wind farm.”

Deepwater Wind LLC is Xanax Generic Substitute developing the project near Block Island and expects to begin producing power in 2013.  The power purchase agreement negotiations had Xanax Generic Substitute stalled in November, but Carcieri said last week that a Xanax Generic Substitute deal was imminent.

National Grid will buy the Xanax Generic Substitute energy at 24.4 cents per kilowatt hour in the first year of operation.  In October, Deepwater Wind had Xanax Generic Substitute been asking for 30.7 cents per kilowatt hour.  The governor’s office estimated that Xanax Generic Substitute this agreement would increase the average monthly bill for National Grid’s Rhode Island customers by $1.35.  According to the deal, the purchase price wil rise by 3.5% annually.

The Rhode Island Public Utilities Commission must still sign off on the Xanax Generic Substitute agreement.  In a Xanax Generic Substitute filing to that commission, National Grid argued that there are cheaper renewable energy sources but the Xanax Generic Substitute Block Island project is a smart policy move.  The utility specifically asked, however, that Xanax Generic Substitute this deal not be used to set the bar for future PPAs.

“National Grid’s support is Xanax Generic Substitute based on the assumption that the Commission, in any order approving the Xanax Generic Substitute agreement, will distinguish it from other projects that the company may consider in the Xanax Generic Substitute future,” the letter read.  “National Grid has Xanax Generic Substitute the obligation to seek contracts from renewable generation for up to Xanax Generic Substitute 10 percent of its load under the law.  It will be Xanax Generic Substitute extremely important that, in fulfilling that obligation, National Grid not be Xanax Generic Substitute required to purchase power at the same price and on the Xanax Generic Substitute same terms as has been provided for purposes of facilitating this Xanax Generic Substitute demonstration project …. But if this Xanax Generic Substitute agreement and its terms are placed in proper context, there is Xanax Generic Substitute a rational basis for approving it.”

National Grid also recently agreed to enter neogitiations on a Xanax Generic Substitute power purchase agreement with Cape Wind, the 130-turbine project being planned for Xanax Generic Substitute Nantucket Sound in Massachusetts.