Coakley reaches Cape Wind agreement

Providence, R.I. – Massachusetts Attorney General Martha Coakley has reached a deal with the Cape Wind offshore wind energy project that she says will save consumers up to 465 million dollars over 15 years.

Coakley says she made the deal with Cape Wind Associates, the Massachusetts Department of Energy Resources, and National Grid for two reasons.

"We think it's important to develop renewable energy, especially offshore in Massachusetts," Coakley says. "Secondly, with this agreement we believe that customers are going to bet the benefit of this project at a fairer price than was originally proposed."

Critics say the agreement will still leave consumers paying more than twice the current market rate for electricity.

Rhode Island recently reached a deal with National Grid on the rate for a small wind farm off of Block Island.