The Healey-Driscoll Administration in Massachusetts on April 27 announced the activation of contracts tied to the offshore Vineyard Wind project.
The project will “ensure stable, affordable prices for 20 years and save Massachusetts customers a projected $1.4 billion on electricity bills over the next 20 years,” a news release from Gov. Maura Healey's office said.
According to the governor’s office, this past winter, Vineyard Wind lowered electricity prices by competing in wholesale electricity markets, “consistently offering lower prices than other sources of electricity.”
The activation of the utilities’ contracts on behalf of Massachusetts customers further lowers the price of electricity generated by Vineyard Wind, Healey’s office said.
These contracts are expected to provide customers in Massachusetts an average of 1.4 cents/kWh in direct bill savings –- at a price that’s less than half of peak pricing the state saw this winter.
Vineyard Wind is an 806-megawatt project located 14 miles off the coast of Massachusetts. It has been producing power since January 2024. The project began construction in late 2022.
