In another step toward what former Governor Angus King called the biggest industrial opportunity on the Coast of Maine since shipbuilding, the Maine Public Utility Commission will vote on proposed rates for the Statoil Hywind project on Thursday.

The commission, which oversees the three publicly-held utility bodies in the state, will vote at 11 a.m., Thursday in Hallowell over proposed rates for electricity that will be generated by the planned floating wind farm, which will be located 10 miles off the coast of Boothbay Harbor.

The meeting, which will be located at 101 Second St. in Hallowell, is open to the public, although the public is not invited to participate.

The commissioners will vote on the rate set forth in a proposed contract submitted by Statoil in August. The rates proposed would be either $290 per megawatt hour or $320/MWh paid to Statoil for electricity generated by the wind farm.

According the documents submitted by Statoil, the rates could change after one year.

The rates would differ in how much price is altered on a year-to-year basis. With the first option, the rate would change by 1 percent, up or down. The second rate would have rates change at an aggregate level, consummate with retail sales.

The Thursday meeting is for commissioners to vote on the rate.

The proposed contract would be for 20 years, beginning when certain stipulations are met by Statoil. Some of those terms include the construction and synching of the wind turbines, and that all applicable permits are acquired.

The contract is between Statoil and Central Maine Power, Bangor Hydro Electric and Maine Public Service Company.

The Hywind Project is a proposed floating wind farm that would be located 10 miles off the coast of Maine. Boothbay Harbor would be where the electricity enters the grid in the proposed Statoil plan.

In Statoil’s proposed plan, the company would use as many local contractors as possible and employ up to 150 people during the peak construction period.