Saturday, May 8, 2010

The Real Cost of Wind Power

I had several links guiding me to the Boston Herald and this story but I like the commentary here at Gateway Pundit so it is the one I am using.
by Jim Hoft
Why do liberal progressives hate poor people?
Why to liberal progressives hate the working class?
The Cape Wind power project in Massachusetts will cost twice as much as the current cost of electricity.
Who cares?… It’s not their money.
The nation’s inaugural offshore wind farm, planned for waters off Cape Cod, has reached its first deal with a utility to purchase its power.
Under the agreement announced by both companies today, the utility National Grid would pay 20.7 cents per kilowatt hour starting in 2013 for half the power produces by the 130-turbine Cape Wind project planned for Nantucket Sound.
The price would go up by 3.5 percent annually to keep pace with inflation.
The deal is considered crucial to attract financing for a project estimated to cost at least $2 billion.
The deal must still be approved by state regulators.
Adjusted to today’s dollars, Cape Wind officials say the cost in the first year of the deal is 18.7 cents per kilowatt hour compared to the current cost of electricity of about 9 cents per kilowatt hour. The utility, which has 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island, said the deal will add about $1.59 to the average customer’s monthly electricity bill in 2013.
National Grid U.S. president Tom King said the country must invest in renewable energy, even when it’s more expensive.
But, at least the Chinese are happy.
80% of the Stimulus cash for wind power went to foreign countries last year.
Obama’s green energy plan where money is spent on projects where costs exceed benefits could kill as many as 900,000 net US jobs.

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