Renewable Energy And Carbon Markets
The Maine Public Utilities Commission has tabled its consideration of a term sheet submitted by Statoil North America proposing a Power Purchase Agreement ("PPA") to sell electricity produced by Statoil's proposed "Hywind Maine" deepwater offshore wind pilot project. Statoil proposed the project in response to the Commission's call for proposals following Maine's passage of the 2010 Ocean Energy Act, which established official state production goals of 300 megawatts ("MWs") of offshore wind by 2020 and 5,000 MWs of offshore wind by 2030. As no proposals for offshore wind projects other than Hywind Maine have been considered by the Commission, the state does not appear to be on track to meet those goals.
Statoil proposed in its term sheet a pilot project of four floating deepwater wind turbines that would generate just 12 MW of total capacity. The proposal was for a 20-year contract with Maine's three investor-owned utilities (Central Maine Power Company, Bangor Hydro Electric Company, and Maine Public Service Company). Statoil proposed two pricing options ($290/MW-hour or $320/MW-hour) based on alternative price escalation provisions. Statoil committed to spending at least 40 percent of the project's capital and operational expenses in Maine, employing approximately 150 Maine residents, and seeking out local suppliers. If the term sheet is approved, the Commission would direct Statoil to enter into a PPA with one or more of the Maine utilities. Upon consideration of Statoil's proposal, however, two of the Commission's three Commissioners were unwilling to approve the term sheet as written because it did not sufficiently illustrate a long-term benefit to Maine consumers relative to its cost. Consequently, they suggested that Statoil modify the term sheet to incorporate more explanation of benefits to Maine residents. The Commission did not reject the term sheet but instead tabled the matter pending further discussions between its staff and Statoil regarding modifications to Statoil's proposal. Without the ability to enter into a PPA, Statoil may have difficulty securing the financing necessary for the Hywind Maine project to move forward, as the cash inflows for...
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