Way back in May 2005, the Massachusetts Electricity Facility Siting Board issued a finding that the 468-megawatt Cape Wind wind-farm project would save New England rate-payers “at least” $25 million a year. Now that oil prices are much, much higher, we wonder how much more it could save.

The board, in its finding, aimed to introduce much-needed competition into the severely constrained New England electric grid.

Electricity rates have soared since the EFSB finding. It now seems reasonable that those savings from Cape Wind would also increase.

At a recent Cape Wind public hearing, Massachusetts state Rep. Matt Patrick, of Falmouth, a long-time wind-energy supporter, told officials that New England’s power-grid manager, called an “Independent System Operator,” makes a monthly payment of $9 million to Mirant Corp., owner of the electricity-generating plant on the Cape Cod Canal.

The purpose is not to recompense for electricity produced. After all, the highly polluting, nearly 40-year-old oil-fired unit operates only about 17 percent of the time.

The purpose of the payment is to ensure grid stability. Because of power constraints in the region, the oil-fired unit, long past its prime, must be available to run in case of emergency.

Grid managers have no choice about making this payment. Technically called an “out-of-merit” fee, the insurance payment is required by the Federal Energy Regulatory Commission.

This expense — $108 million yearly — is passed on to southeastern Massachusetts electricity rate-payers. It shows up in our monthly bills in the delivery-costs column.

Rep. Patrick believes that if Cape Wind were operating, the $108 million might not be necessary.

Would these savings get passed on to rate-payers? “Absolutely,” says Mr. Patrick.

If he is correct, Cape Wind could save the people of southeastern Massachusetts yet another $108 million a year.

Some experts over the past seven years have also said that Cape Wind, and other new power-generation projects, would save New England rate-payers a lot of money.

Those projects have not been implemented, however, in large part because some influential electricity consumers do not want electricity plants anywhere near their homes.

The equation is simple: Fewer power plants in New England = higher electricity rates.

Now comes Massachusetts Congressman William Delahunt, the representative of Cape Cod, the Islands and the South Shore suburbs of Boston, as co-sponsor of a disingenuous federal bill — H.R. 5547 — requiring more auditing of the operations of the Independent System Operator.

Another co-sponsor of that bill is Massachusetts Congressman James McGovern.

The reason provided for this additional regulatory burden?

The congressmen complain that power rates are too high.

They are correct.

But to point the finger of blame at the engineers and grid managers who keep New England’s lights on is unforgivable. The blame lies with Mr. Delahunt and his ilk.

For more than six years now, Congressman Delahunt, who is Sen. Edward Kennedy’s valet in the House, has threatened “endless litigation” if Cape Wind receives regulatory approval. He has been a staunch leader in the fight to keep the region from developing an offshore wind industry, especially near the Kennedys’ summer houses.

And Mr. McGovern has not acted honorably either. By not speaking out, he is tacitly agreeing that Mr. Delahunt, Senator Kennedy and other Massachusetts politicians who oppose the project are behaving acceptably.

Mr. McGovern should not wash his hands of the issue. Instead, he should follow the lead of Massachusetts Congressman Barney Frank, who said in June 2006 that Cape Wind would be “an important, non-polluting source of energy.”