The state of Rhode Island has revealed Orsted’s winning bid last year for its 400MW Revolution offshore wind project, with utility National Grid set to pay about $98/MWh for the power over a 20-year contract, or $74/MWh after accounting for inflation.

Unlike Vineyard Wind’s 800MW deal with neighbouring Massachusetts, which starts lower and then increases each year under a so-called price escalator, Orsted’s $98.45/MWh