State officials announced today the signing of a Host City Agreement between New London and a joint venture of Ørsted and Eversource that includes a 10-year commitment paying the city an average of at least $1 million each year during offshore wind operations at State Pier. The long-awaited agreement includes the potential for $250,000 to $750,000 each year in additional funding for New London if the joint venture, called Northeast Offshore or NEO, meets specific energy thresholds with the state. In addition, the Connecticut Port Authority will pay the city an annual minimum revenue sharing fee of $50,000 from 2019 to 2023, that will increase to $69,000 from 2024 to 2028. The port authority will also pay an annual incremental revenue sharing fee projected to total between $62,000 and $109,000 each year from 2022 to 2028. Gateway Terminal, the port operator as of May 2, 2019, will also pay the city an annual fee, beginning retroactively in 2019, of $75,000 each year, a fear that increases by 2 percent each year to $89,632 in 2028.
New London Wins 10-Year Commitment For Northeast Offshore Deal on State Pier