PSEG, Ørsted submit joint proposals for offshore wind transmission projects in New Jersey
PSEG and Ørsted have submitted several joint proposals for offshore wind transmission projects in New Jersey, the companies announced.
The companies call the group of proposals “Costal Wind Link,” which would support New Jersey’s offshore wind goal of 3.5 GW by 2030 and 7.5 GW by 2035. The proposals were submitted into the PJM State Agreement Approach Proposal Window.
“The Coastal Wind Link proposals bring together the vast expertise and track record of Ørsted and PSEG – a track record that includes a commitment to leveraging diverse suppliers and supporting the communities where we do business,” said Lathrop Craig, PSEG vice president of Wind Development.
In July, the New Jersey Board of Public Utilities selected Ocean Wind 2, an offshore wind energy project proposed by Ørsted, for a 20-year Offshore Renewable Energy Credit (OREC) award at the $84.03 price from the State’s second competitive solicitation for offshore wind energy. The NJBPU also awarded Atlantic Shores Offshore Wind a contract to develop 1,510-MW of offshore wind energy capacity.
At 1,148 MW, the Ocean Wind 2 project will allow Ørsted to develop the remaining portion of its Ocean Wind federal lease area and could power at least half a million New Jersey homes, according to Ørsted. The offshore wind farm will be located adjacent to the company’s first offshore wind project, Ocean Wind 1, which was awarded by the NJBPU in 2019. Ocean Wind 1 is being developed in partnership with Public Service Enterprise Group (PSEG), which owns 25% equity in the project.
“New Jersey continues to be a leader in clean energy, both in the development of offshore wind and with forward-looking transmission solutions,” said David Hardy, CEO of Ørsted Offshore North America. “We support the state’s ambitions of building a lasting offshore wind industry and clean energy resource for residents for many years to come. We’re pleased to submit our Coastal Wind Link proposals, which offer a range of transmission and offshore expertise for policymakers to utilize in achieving this vision.”