In their filing with the Massachusetts Dept. of Public utilities, Commonwealth Wind has requested a one month suspension in the review of the power purchase agreements:
In particular, this suspension would allow the parties to examine the effect of unprecedented commodity price increases, interest rate hikes, and supply shortages on the overall viability of Commonwealth Wind’s offshore wind generation project that is the subject of the PPAs (the “Project”), including whether it remains economic and whether it can be financed under the current terms of the PPAs. A one-month suspension would also enable the parties to consider potential approaches to restore the Project’s viability – including cost saving measures, tax incentives under the newly enacted Inflation Reduction Act, an increase in the PPA prices, and improvements to Project efficiencies – and to determine whether additional time, beyond the period requested in this Motion, is needed to resolve the appropriate path forward or provide a complete record.
At a minimum, the expected commercial operation date, already more than 5 years into the future (2028), would seem to be threatened.
Bud's Offshore Energy (BOE) 