The Maine Public Utilities Commission will review the term sheet for Maine Aqua Ventus I Offshore Project's power contract to determine whether the terms are still within the public interest.
The PUC voted unanimously June 12 to review the term sheet for the 12-MW floating offshore wind demonstration project with a University of Maine-led consortium and Central Maine Power Co. The contract, which was originally estimated to cost ratepayers $200 million, was first approved in February 2014. Since then, both the energy markets and the project proposal itself have undergone significant changes, forcing state regulators to review the contract terms.
"The Commission understands the importance of this project to [Maine Aqua Ventus] and its stakeholders," PUC Chairman Mark Vannoy said in a statement. "On the other hand, it is incumbent on the Commission to ensure that the proposal continues to meet the legal requirements established by the Maine Legislature in 2010 and remains in the public interest of Maine citizens and businesses."
In January, the PUC delayed a decision on the 20-year contract between Maine Aqua Ventus and Central Maine Power and instead issued a draft order for comment on whether the commission should approve the contract. The project, which was supposed to come online in 2017, is expected to be operational by 2020, according to S&P Global Market Intelligence data.
