The Town and County of Nantucket announced a definitive settlement agreement with GE Vernova (GEV) for $10.5M to compensate the Town and local businesses for losses resulting from the July 13, 2024 failure of a turbine blade failure on the Vineyard Wind 1 project. The incident scattered foam, fiberglass, and other debris along Nantucket’s shores during the height of the summer tourist season. Under the agreement, Nantucket will establish a Community Claims Fund to provide compensation for economic harm. Nantucket will engage a professional, independent third-party administrator to evaluate claims from local businesses and issue payments. The Town of Nantucket “commends GE Vernova for its leadership in reaching this agreement.”
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