Amendment #19 to H5151

Offshore Wind Momentum

Mr. Gordon of Bedford moves to amend the bill by adding the following section:

SECTION XX.

Notwithstanding any special or general law to the contrary, any bid submitted under the provisions of section 83C of chapter 169 of the acts of 2008 in connection with the August 30, 2023 request for proposals (“83C IV”), may be adjusted to account for changes in law occurring after the bid submission, or changes in costs for the project that are beyond the reasonable control of the bid awardee, each occurring after the bid submission.  The 83C bid evaluation team shall require the developer to provide documentation supporting any proposed price adjustments, including but not limited to a showing of how the assumptions pertaining to capital costs, financing costs, inflation rates, tax benefits, energy production profiles, and similar information have changed since the submission of the bid.  Such adjustments shall be reviewed by the Department of Public Utilities as part of the overall review pursuant to section (k) of the aforementioned section 83C of chapter 169 of the acts of 2008.

Contracts entered into as a result of a bid submitted under the provisions of section 83C of chapter 169 of the acts of 2008 in connection with the 83C IV request for proposals shall include a mechanism to allow for the upward or downward adjustment to the contract price to account for changes in law occurring after the contract signing, or changes in costs for the project that are the beyond the control of the bid awardee occurring after the contract signing, and in each case occurring prior to the time the project achieves its commercial operation date.   Any adjustment in price under this section that occurs after the department of public utilities initial approval of the contract shall be filed and approved for recovery in rates by the electric distribution companies. The department of public utilities shall require the developer or the electric distribution companies to provide documentation supporting any proposed price adjustments, including but not limited to a showing of how the assumptions pertaining to capital costs, financing costs, inflation rates, tax benefits, energy production profiles, and similar information have changed since the contract award. Upon receipt of a filing for an adjustment from the developer or the electric distribution companies under this subsection, the Department of Public Utilities shall allow for a notice and comment period of not more than thirty days from the date of the filing, and shall issue a decision not later than sixty days from the filing. The contract shall also allow for the project developer to request a delay of milestones, such as the commercial operation date, or terminate the contract without penalty if there are interconnection, transmission, or permitting delays, or if changes in law or changes in costs beyond the control of the project developer cause the project not to be financeable or otherwise viable.

Additional co-sponsor(s) added to Amendment #19 to H5151

Offshore Wind Momentum