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June 24, 2019updated 05 Nov 2021 12:27pm

Ocean Wind to become New Jersey’s first offshore wind project

The New Jersey Board of Public Utilities (NJBPU) has selected Ocean Wind as its first offshore wind energy project.

The New Jersey Board of Public Utilities (NJBPU) has selected Ocean Wind as its first offshore wind energy project.

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What’s next for offshore wind in New York?

The state government of New York recently announced an investment of $500 mn in the offshore wind segment as part of its 2022 State of the State Plan. This is a great booster for the state, which is betting big on offshore wind energy.   This new investment will support New York’s third offshore wind procurement in 2022, showing the state government’s intent to make New York a leader in the offshore wind space.  GlobalData’s expert analysis delves into the current state and potential growth of the offshore wind market in one of the US’s most prominent states. We cover: 
  • Wind capacity 
  • Biden administration targets for the market 
  • Investment strategies  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

The project was proposed by Denmark’s Ørsted and will see the development of a 1,100MW offshore wind farm.

The Danish company will receive support from Public Service Enterprise Group (PSEG), which could opt to become an equity investor in the project.

Located 15 miles off the coast of Atlantic City, Ocean Wind is expected to generate enough clean energy for more than 500,000 New Jersey homes.

PSEG’s non-utility affiliates will provide energy management services and potential lease of land for use during the project development and execution phase.

Ocean Wind is expected to support New Jersey Governor Phil Murphy’s goal of supplying more than 1.5 million New Jersey homes with offshore wind power by 2030.

PSEG Power president and COO Ralph LaRossa said: “We are pleased that Ocean Wind has been selected by the New Jersey Board of Public Utilities to provide offshore wind power to the residents of New Jersey.

“We have pledged our commitment and support of Governor Phil Murphy’s clean energy agenda and we know that offshore wind will play an important role in providing environmental and economic benefits to New Jersey.”

During the three-year construction period, Ocean Wind is expected to create over 3,000 direct jobs in the region.

The company also has plans to set up an operations and maintenance (O&M) base in Atlantic City.

Ørsted US Offshore Wind CEO and Ørsted North America president Thomas Brostrøm said: “Today’s announcement firmly establishes a fast-growing global industry in New Jersey, which will create jobs and supply chain in the state.

“Ocean Wind will ensure that the state and its residents not only benefit from clean, renewable power but that they reap the rewards of being an early player in the offshore wind industry as it grows in the US.”

Construction works at the site are expected to begin early next year, and the wind farm is slated to become operational in 2024.

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Free Report
img

What’s next for offshore wind in New York?

The state government of New York recently announced an investment of $500 mn in the offshore wind segment as part of its 2022 State of the State Plan. This is a great booster for the state, which is betting big on offshore wind energy.   This new investment will support New York’s third offshore wind procurement in 2022, showing the state government’s intent to make New York a leader in the offshore wind space.  GlobalData’s expert analysis delves into the current state and potential growth of the offshore wind market in one of the US’s most prominent states. We cover: 
  • Wind capacity 
  • Biden administration targets for the market 
  • Investment strategies  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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