WASHINGTON, DC - House Energy and Commerce Committee Chairman Fred Upton (R-MI) today responded to the Department of Energy’s announcement it has conditionally committed to issuing a $150 million loan guarantee to support the construction of the Cape Wind offshore wind project in Massachusetts:
“After DOE’s embarrassing and costly loan failures, its decision to back Cape Wind raises a number of questions as the project has been mired in controversy and litigation dating back to 2001. While renewable energy is a vital component of an all-of-the-above energy strategy, the administration’s backing of Cape Wind is an unnecessary and ill-advised gamble of taxpayer dollars. And once the project is built, New England ratepayers will be forced to shoulder the costs of Cape Wind’s expensive power generation. We look forward to reviewing the terms of this guarantee and DOE’s due diligence. Our oversight of DOE’s loan programs continues, and we will be watching this project very closely."
