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."