Avangrid and three electric utilities have reached a deal to terminate the power purchase agreements for Commonwealth Wind, the 1,230-MW offshore wind farm Avangrid says it can no longer build under terms of the PPAs.

The developer would pay Eversource, National Grid and Unitil a combined $48 million under three proposals posted Monday by the Massachusetts Department of Public Utilities. (DPU 22-70/22-71/22-72.)

The issue has been percolating for nearly a year, after Avangrid said the project was no longer tenable under the terms negotiated due to rapidly rising costs and interest rates.

Avangrid sought a pause in DPU’s review of the PPAs, and when the three utilities refused to negotiate, it sought to terminate the PPAs. DPU refused, sending the matter to a state-level court, where it remains an open case, at least for now.

Commonwealth Wind is not the only project whose developers say they cannot go forward under terms negotiated. Developers of Beacon, Empire, Ocean Wind 1, Park City, SouthCoast and Sunrise also have sought concessions that would raise the cost of the electricity they produce.

Attorneys for Eversource, National Grid and Unitil on Thursday asked DPU to rule on the termination requests within 30 days.

The proposals, similarly worded except for the dollar amounts, call for Commonwealth Wind to pay Unitil $480,000, National Grid $21,619,200 and Eversource $25,900,800 after DPU approves the terminations.

Avangrid has said it remains committed to the Commonwealth Wind project and hopes to rebid it in Massachusetts’ next offshore wind solicitation.

The draft structure of that solicitation, announced in May, includes a provision for indexed pricing, allowing developers to hedge against unknown future inflationary effects during the yearslong development process.

New York offered a similar option in its latest offshore wind solicitation. Previous solicitations did not contain such a provision, and now some of the developers holding contracts issued previously — for the Beacon, Empire and Sunrise projects, 4,230 MW in total — want the option as well.

There was a bit of turnabout to Sunrise Wind telling New York regulators last month that it needed more money to go forward with the 924-MW project — Ørsted is a 50-50 partner in Sunrise with Eversource, which for months had been refusing requests by Commonwealth and SouthCoast in Massachusetts for more money.

Eversource is in the final stages of ending its partnership with Ørsted and exiting offshore wind development altogether.