In pre-filed direct testimony with the Rhode Island Energy Facility Siting Board, where the SouthCoast Wind joint venture is also having hearings as one section of its infrastructure goes through the state, SouthCoast Wind’s CEO Francis Slingsby said that ”… termination, and payment of a financial penalty for termination, has become the prudent commercial course to realize the Project…” , even after factoring in potential tax incentives.

As reported over the past year, Commonwealth Wind, and later SouthCoast Wind, submitted to the DPU that under the power purchase agreements, which had been undergoing review since April 2022, the projects were no longer in a good economic position due to the current macroeconomic conditions, with Avangrid saying that under the existing contracts with the EDCs, its project was no longer viable.