Avangrid to pay $49m to cancel deal for 1.2GW Massachusetts offshore wind project

Iberdrola-controlled Avangrid has agreed to pay $48.9m in fines to the US state of Massachusetts to terminate its contracted 1.2GW Commonwealth Wind project which it claims is no longer financially viable.

Avangrid won the project in the state’s third round in December 2021 and in April last year signed offtake contracts with the state’s major utilities Eversource, National Grid, and Fitchburg Electric & Gas averaging $72/MWh, a new low for the US industry.