New Jersey resuscitates offshore wind with two new initiatives

Ørsted dealt New Jersey a large blow by canceling 2.2 gigawatts (GW) of offshore wind final yr, however the state simply added 3.7 GW of latest initiatives to its pipeline.

New Jersey was anticipated to announce one other offshore wind solicitation at first of 2024, and it’s delivered. Its Board of Public Utilities (BPU) has awarded contracts to Main Gentle Wind and Attentive Power Two – what’s going to change into two of the US’s largest offshore wind farms.

The two.4 GW Main Gentle Wind can be sited greater than 40 miles off New Jersey’s coast and is predicted to energy greater than 1 million properties. A three way partnership of Invenergy and energyRe, they’re the primary US-based builders to have gained a aggressive contract for a US offshore wind farm. Development is predicted to start in 2028, and the completion goal is 2032. 

The 1.34 GW Attentive Power Two can be sited 42 miles off New Jersey’s coast, will join at Sea Girt, and is predicted to energy greater than 650,000 properties. It’s a three way partnership of TotalEnergies, Rise Gentle & Energy, and Corio Era. (Attentive Power One is a 1.4 GW mission in New York State introduced in November 2023.) Attentive Power’s web site doesn’t say when Attentive Power Two will begin development, nevertheless it states that it’s dedicated to the “state’s mission of attaining a 100% clear power economic system by 2035.”

The BPU has made some contract modifications this time round to forestall the issues – and subsequent cancellations – that occurred with Ørsted’s deliberate offshore wind farms. That features rising or falling inflation adjustment of 15%, efficiency bonds to make sure completion, and each initiatives should submit efficiency safety cash.

TotalEnergies additionally said in a press launch that “the profitability of the mission is ensured” by a assured degree of Offshore Wind Renewable Power Certificates (OREC) income. It has a first-year set worth of $131 per MWh after it comes on-line, and the worth can be inflated yearly by 3%.

Each initiatives have agreed to purchase their wind turbine monopiles from EEW’s manufacturing facility in Paulsboro, New Jersey, which skilled a setback when Ørsted canceled Ocean Wind 1. Home manufacturing advantages US offshore wind as a result of it drives down costs – monumental parts don’t should be shipped from Europe – and it additionally qualifies the initiatives for additional Inflation Discount Act tax credit.

New Jersey goals to realize 11 GW of offshore wind by 2040 and can launch a fourth offshore wind solicitation early this yr.

Learn extra: Ørsted simply axed plans for 2 New Jersey offshore wind farms – right here’s why

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