NEWARK, Del. — Close to 300,000 Delmarva Power customers in Delaware will be credited a share of a $2 million security posted by Bluewater Wind now that a power purchasing agreement between the wind energy provider and the region's primary utility is canceled, Delmarva Power announced late Tuesday.
NRG, the parent company of Bluewater, on Tuesday announced that it was canceling a long-term purchase agreement with Delmarva Power.
Under the agreement, signed in 2008, Delaware customers of Delmarva Power would have received up to 200 megawatts of offshore wind energy.
Delmarva Power officials accepted the termination of the agreement while underscoring the utility's continued support for the state's long-term renewable energy goals.
Under the power purchase agreement, Bluewater Wind posted security during the development period of the contract, according to Delmarva Power.
Because Bluewater canceled the contract before Jan. 1, 2012, some $2 million in security will be credited to 295,000 Delmarva Power customers in Delaware, the utility said.
"Delmarva Power and NRG worked hard to see this project come to fruition," said Gary Stockbridge, region president at Delmarva Power. "But the inability to secure a financing partner prevents us from moving forward."
delmarvanow.com
NRG, the parent company of Bluewater, on Tuesday announced that it was canceling a long-term purchase agreement with Delmarva Power.
Under the agreement, signed in 2008, Delaware customers of Delmarva Power would have received up to 200 megawatts of offshore wind energy.
Delmarva Power officials accepted the termination of the agreement while underscoring the utility's continued support for the state's long-term renewable energy goals.
Under the power purchase agreement, Bluewater Wind posted security during the development period of the contract, according to Delmarva Power.
Because Bluewater canceled the contract before Jan. 1, 2012, some $2 million in security will be credited to 295,000 Delmarva Power customers in Delaware, the utility said.
"Delmarva Power and NRG worked hard to see this project come to fruition," said Gary Stockbridge, region president at Delmarva Power. "But the inability to secure a financing partner prevents us from moving forward."
delmarvanow.com
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