Avangrid reported Thursday that in canceling its Park City Wind farm for Connecticut, it sidestepped more than $1 billion in write-offs as projected costs outstripped revenue it expected under a power purchase agreement with the state. Avangrid unilaterally pulled the plug on the Park City Wind farm several weeks ago, as the cost of construction outstripped revenue projections from a power purchase agreement with the state of Connecticut. The companies had aimed to start construction by 2026. Avangrid calculated a $181 million gain last year as a result of restructuring Park City Wind and a second project called Commonwealth Wind it tabled for Massachusetts, with the company paying termination fees for both projects this year. Avangrid’s third-quarter profits totaled $59 million.
https://www.sfgate.com/business/article/ct-avangrid-park-city-wind-energy-bridgeport-18449251.php