Finally, major movement on governor’s promises for offshore wind

Wind energy

TOM JOHNSON / NJ SPOTLIGHT – With Friday’s largest ever award for offshore-wind capacity to Ørsted’s Ocean Wind project, New Jersey signaled it will be a major, if not dominant, player in the sector rapidly developing along the Eastern Seaboard.

The selection of the $1.6 billion, 1,100-megawatt project about 15 miles off the coast of Atlantic City is significant in not only being the largest single offshore-wind project ever awarded in this country, but also its cost came in lower than many expected.

Ørsted’s Ocean Wind project established a first-year price of $98.10 per megawatt hour for the subsidy provided by ratepayers, dubbed an OREC (offshore renewable energy certificate). That compares with an OREC offered in Maryland, priced at $170 for a wind project there, and less expensive than a project in Massachusetts …

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