Costly Offshore Wind a Deal in U.S. Markets With Highest Rates

High winds and expensive electricity make Block Island a good site for the first U.S. offshore wind farm. For the same reasons, Long Island may be next.

Deepwater Wind LLC last week began towing the first of five massive steel frameworks to a site off Rhode Island’s Atlantic coast. When complete next year, the 30-megawatt wind farm will sell power for 24.4 cents a kilowatt-hour.