Time Running Out For Hawaii Wind Farm Grant

Hawaiian Electric

Hawaii residents could be paying tens of millions of dollars in higher electric rates over the next 25 years if state regulators don't approve a contract for a wind farm on Oahu’s north shore in time for developers to take advantage of a lucrative federal grant.

The contract between Boston-based First Wind and Hawaiian Electric Co. must be approved by Dec. 15, according to the developer and HECO.

The grant would cover 30 percent of the project's costs. Without it, the higher cost of the wind farm would translate into higher electricity prices for Oahu residents who are already paying rates triple the national average.

HECO won't say how much the project is expected to cost, but construction must be underway by the end of the year in order to get the grant, part of President Barack Obama’s economic stimulus package.

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