Put not your faith in politically-subsidized energy projects:
The [Deval] Patrick [D, MA] administration’s $113 million New Bedford marine terminal, built as a Cape Wind construction staging area, has become a taxpayer-funded boondoggle now that the controversial offshore wind farm project is virtually dead in the water.
The South Coast Marine Commerce Terminal, which is still under construction and sits empty, is also running $10 million over budget and months behind schedule.
Baker administration officials are trying to lease out the terminal, but they now expect to fetch a lower return on the taxpayers’ investment after executives behind Cape Wind pulled out of a two-year deal to rent the 28-acre facility for $4.5 million.
Continue reading More fallout in Boston from the slow-motion collapse of Big Wind.