Avangrid announced in September that it would ask Connecticut to pay a higher price to buy power from the planned 804 megawatt Park City Wind project, and for Massachusetts to pay more for the 1,200 MW Commonwealth Wind project. Senior Vice President for Offshore Projects Sy Oytan said at the time that Avangrid needed to sell the power from those two projects at higher prices than it originally agreed to because the cost to build those projects has escalated with inflation, escalating commodity prices, and supply chain shortages. Connecticut agreed in 2019 to buy electricity from Park City at $79.83 per megawatt-hour. It agreed to buy 200 MW of electricity from Eversource and Ørsted’s 704 MW Revolution Wind project at $99.50/MWh, and another 104 MW from that project at $98.43/MWh. Avangrid has not made a formal request to renegotiate its contract with Connecticut yet, but a spokesman said they expect their case will be convincing. Eversource announced in May that it plans to sell its stake in its offshore wind partnership with Ørsted, turning its focus away from developing offshore wind projects and towards integrating wind into the grid onshore.
