Massachusetts has announced the activation of the Vineyard Wind contracts, securing stable electricity prices for a 20-year period. During the past winter, Vineyard Wind contributed to lower electricity prices by competing in wholesale markets and consistently offering rates below other generation sources.
The activation of the utilities’ contracts on behalf of Massachusetts customers is expected to further reduce electricity costs. On average, customers are projected to see direct bill savings of 1.4 cents per kilowatt-hour, at a rate less than half of peak pricing observed during the winter period. The project has created nearly 4,000 jobs and generated a total economic output of $1.94 billion. Vineyard Wind is an 806 MW offshore wind project located approximately 14 miles off the coast of Massachusetts. It has been producing electricity since January 2024, following the start of construction in late 2022.
