Project Benefits

New Jersey has some of the best conditions in the world for offshore wind development. In January 2018, Governor Murphy signed an Executive Order directing the New Jersey Board of Public Utilities (NJBPU) to fully implement the Offshore Wind Economic Development Act (OWEDA) and begin the process of moving the state toward a goal of 3,500MW of offshore wind energy generation by the year 2030.

Ørsted is committed to New Jersey and to spreading the benefits of our Ocean Wind offshore wind project to the local community.

 


Ocean Wind will...

 

  • Provide in-state, clean energy generation
  • Help to diversify the state’s energy portfolio
  • Bring local jobs and economic growth

On December 28, 2018, we submitted a bid to the New Jersey Board of Public Utilities (NJBPU) to build the Ocean Wind project.

Should Ocean Wind receive approval from the NJBPU, Ørsted will work with Public Service Enterprise Group’s non-utility affiliates, which would provide energy management services and potential lease of land for use in project development. PSEG, which has a long history in New Jersey as well as a decade-long partnership with Ørsted, will have the option to become an equity investor in the project.

 

As presented in our proposal to the NJBPU, the Ocean Wind project will:


- Deliver on Gov. Murphy’s goal of a sustainable offshore wind supply chain with the first permanent offshore wind manufacturing jobs in America in addition to the creation of up to 1,000 annual construction jobs within the state, providing significant opportunities for high-quality, skilled labor jobs from the South Jersey building and construction trades.

 

- Make significant investments in New Jersey’s offshore wind fabrication, construction and maintenance infrastructure — all of which will create long-term job potential and reduce the cost of future offshore wind farms in the region.


- Provide more than half a million New Jersey homes with clean, reliable and stable-priced power.

 

- Deliver a credible timeline as it’s the most mature project based on years of significant site investigation, permitting and interconnection work. This allows Ørsted to deliver on the economic, environmental and energy system benefits years before others can.

 

- Establish the “Ocean Wind Pro-NJ” Grantor Trust (Pro-NJ Trust), which will support Minority Business Enterprises (MBE), Women Business Enterprises (WBE) and/or small businesses entering the offshore wind industry. The fund also will support investments in infrastructure resiliency projects throughout South Jersey.