BED, First Wind Reach Power Agreement on Sheffield Wind Project

Burlington Electric Department has reached agreement with First Wind on behalf of its subsidiary, Vermont Wind, LLC, to buy 40 percent of the power and the renewable energy certificates (RECs) at the 40 megawatt Sheffield Wind project for the next 10 years under a fixed-price agreement.
Barbara Grimes, general manager of BED, expressed her enthusiasm for the project. BED has a goal of being 100 percent renewable in the next four or so years. This contract will help us achieve our goal. Stably priced, clean, green and locally generated power is the way to keep our economy strong and our environment clean, she said.
This is a project that is bringing a fabulous renewable energy source to the area, said Max Aldrich, chairman of the Sheffield Select Board. During the current economic climate it s even more important than it was a year ago. We re adding jobs while providing a clean energy source. First Wind has been very cooperative and worked hard to be sure that Sheffield benefited in the process.
Matt Kearns, vice president of development for First Wind, said, In this era of unprecedented price volatility of fossil fuels, we re happy to enter into an agreement with BED to provide a stably priced source of power. This project will not only help provide some stability to Vermont power prices but will also bring jobs and economic benefits to the Northeast Kingdom. This will be an exciting project for First Wind and for Vermont.
The project was granted a Certificate of Public Good by the Public Service Board in 2007.
Renewable energy certificates are credits that individuals, institutions and businesses can buy to compensate for the amount of nonrenewable, greenhouse gas-emitting fossil fuels they have used in their vehicles, homes, offices or other facilities. Selling RECs helps to subsidize the cost for a wind farm, solar farm or other renewable energy producer to generate an equivalent amount of clean energy and put it back into the power grid.
About Burlington Electric Department
BED is the municipal utility of Burlington, VT, and provides all the electricity within the borders of Burlington and at Burlington International Airport. Sixty-three percent of BED s power comes from renewable energy. BED has been able to meet all the growth within the city since 1989 with energy efficiency.
About First Wind
First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. First Wind is based in Newton, MA.