July 1, 2021 Read More →

Board gives nod to massive wind farms to power more than 1 million N.J. homes

Bloomberg ($):

New Jersey regulators approved two massive wind farms in the Atlantic Ocean that together will power more than 1 million homes, calling it an unprecedented step toward its climate goals.

The Board of Public Utilities awarded a combined 2.7 gigawatts of capacity to Orsted’s Ocean Wind II project and the Atlantic Shores Offshore Wind project backed by Electricite de France SA and Royal Dutch Shell PLC, according to a statement Wednesday. The agency called it the biggest-ever combined offshore wind power award in the U.S.

New Jersey Governor Phil Murphy has set a goal to build 7.5 gigawatts of offshore wind by 2035 to fight climate change. President Joe Biden wants the U.S. to build 30 gigawatts of offshore wind by 2030.

The global push for clean power and the effort to avoid the worst effects of climate change leans in part on offshore wind power, which is far more developed in Europe than in the U.S.

Orsted A/S, the biggest developer of offshore wind farms, didn’t win an offshore auction in New York earlier this year. That concerned some investors that the Danish company would continue losing to major rivals and other developers, said Deepa Venkateswaran, a renewables analyst at Sanford C. Bernstein & Co LLC.

[Josh Saul and Will Mathis]

More: N.J. Approves Huge Offshore Wind Farms in Green Power Push

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