September 26, 2024 — Massachusetts residents already pay some of the highest electricity prices in the country and the state is going to need a lot more power as it tries to make a big shift away from fossil fuels. So how much will it cost to generate cleaner electricity with offshore wind?
The pricing details for the state’s latest slate of offshore wind projects won’t be available until contracts are put on file this winter and it is clearly a sensitive topic for the industry and its boosters in state government. The projects chosen this month are widely expected to cost ratepayers more than previous projects, and the Healey administration would only say that they will be cost effective when compared to the cost of building other power generation projects in the future.
Boston area electricity prices were 64 percent above the national average last month, federal data show, and Massachusetts abandoned its attempt at forcing a declining cap on offshore wind power prices in 2022 when it eliminated the legal requirement that each new project selected charge a lower price than the previous one.