Ørsted dealt New Jersey an enormous blow by shutting down 2.2 gigawatts (GW) of offshore wind energy final 12 months, however the state simply added 3.7 GW of recent initiatives to its pipeline.
New Jersey was anticipated to announce a brand new offshore wind utility in early 2024, and it has been delivered. The Board of Public Utilities (BPU) has awarded contracts to Main Gentle Wind and Attentive Vitality Two – what will likely be two of the biggest offshore wind farms within the US.
The two.4 GW Main Gentle Wind will likely be positioned greater than 40 miles off the New Jersey coast and is anticipated to energy greater than 1 million houses. They’re a three way partnership of Invenergy and energyRe and are the primary US builders to win a aggressive contract for a US offshore wind farm. Building is anticipated to start in 2028 and the completion goal is 2032.
The 1.34 GW Attentive Vitality Two will likely be positioned 42 miles off the New Jersey coast, hook up with Sea Girt and is anticipated to energy greater than 650,000 houses. It’s a three way partnership of TotalEnergies, Rise Gentle & Energy and Corio Technology. (Attentive Vitality One is a 1.4 GW challenge in New York State introduced in November 2023.) Attentive Vitality’s web site doesn’t say when Attentive Vitality Two will start building, however does say it’s dedicated to ‘state’s mission to realize a 100% clear vitality economic system by 2035.”
The BPU has made some contract modifications this time to keep away from the issues – and subsequent cancellations – that occurred with Ørsted’s deliberate offshore wind farms. That features a 15% upward or downward inflation adjustment, efficiency bonds to ensure completion, and each initiatives should generate efficiency assurance cash.
TotalEnergies additionally acknowledged in a press launch that “the profitability of the challenge is ensured” by a assured stage of income from the Offshore Wind Renewable Vitality Certificates (OREC). It would have a hard and fast worth for the primary 12 months of $131 per MWh after it comes on-line, and the value will improve by 3% yearly.
Each initiatives have agreed to buy their wind turbine monopiles from EEW’s Paulsboro, New Jersey facility, which suffered a setback when Ørsted canceled Ocean Wind 1. Home manufacturing advantages from US offshore wind vitality as a result of it lowers costs – large elements do not need to be scrapped. shipped from Europe – and it additionally qualifies the initiatives for additional tax credit from the Inflation Discount Act.
New Jersey goals to realize 11 GW of offshore wind vitality by 2040 and can launch a fourth offshore wind challenge early this 12 months.
Learn extra: Ørsted simply scrapped plans for 2 offshore wind farms in New Jersey – and here is why
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