Public Service Enterprise Group Inc. plans to seize on a significant opportunity to invest in offshore wind infrastructure in New Jersey and is closer to making an announcement on the sale of its fossil generation fleet, company management told investors and analysts.
New Jersey is soliciting proposals through the PJM Interconnection for electric transmission infrastructure to support the state’s goal to develop 3,500 MW of offshore wind resources by 2030 and 7,500 MW by 2035.
“There’s a sizable opportunity in offshore wind, and it’s quite real, just given the fact that we now have over 3,700 MW of wind farms that are due to become operational, depending upon the project, anywhere from 2024 to 2028,” PSEG Chairman, President and CEO Ralph Izzo said Aug. 3 on the company’s second-quarter earnings call.
PSEG is preparing to submit its bid into the process, which includes four components.
“The potential projects can cover onshore upgrades, new onshore transmission connection facilities, new offshore transmission connection facilities and a networked offshore transmission system,” Izzo said.
“We’re excited about playing in all four parts of the offshore transmission opportunity,” the CEO added.
Bids were originally due by the end of August, but the process has been delayed until September.
PSEG in late June announced plans to direct half of its $14 billion to $16 billion capital spending program for 2021 through 2025 toward decarbonization, emissions reduction and the clean energy transition.