The Massachusetts Supreme Judicial Court, in two decisions, unanimously upheld the long term Power Purchase Agreement between Cape Wind and National Grid, Cape Wind announced.
The Massachusetts Supreme Judicial Court reviewed the Massachusetts Department of Public Utilities decision to approve the PPA between Cape Wind and National Grid (NYSE:NGG) and found that: "In sum, our review of the record indicates that there was clearly sufficient evidence of which the department could base its conclusion that the special benefits of PPA-1 exceeded those of other renewable energy resources, and we uphold the department's conclusion that approval of the contract was in the public interest."
National Grid (NYSE:NGG) has potential upside of 8.6% based on a current price of $48.05 and an average consensus analyst price target of $52.17.
National Grid is currently below its 50-day moving average (MA) of $49.22 and below its 200-day MA of $49.21.
In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has remained constant.
National Grid PLC owns, operates and develops electricity and gas networks. The Group's electricity transmission and gas distribution networks are located throughout the United Kingdom and in the north-eastern section of the United States. They also own liquefied natural gas storage facilities in Britain and provide infrastructure services to the mobile telecom industry.
