In a move that is slated to save Maui residents more than $300,000 a year, the Public Utilities Commission has approved the new power-purchasing contract between Maui Electric Company and Kaheawa Wind Power LLC.
Lt. Gov. Brian Schatz made the announcement last Wednesday in a written news release. The original contract from 2005 did not separate the price of wind and oil, which led to large fluctuations in the prices that MECO has been paying for energy.
The new contract disjoins the price of oil and wind power according to a law enacted after the signing of previous agreement. The new law ensures that payments for renewable energy are not dictated by the price of oil. The change is slated to save Maui's 67,700 business and residential customers $330,000 annually, or $5 each.