Orsted Wins New Jersey’s First Offshore Wind Solicitation

By [email protected] Denmark’s Ørsted won New Jersey’s first offshore wind solicitation with a 1.1-gigawatt project known as Ocean Wind, the largest offshore wind project to secure a development deal with a U.S. state to date.

Ocean Wind will be built 15 miles from the Atlantic City coast, with construction expected to begin in the early 2020s and finish in 2024.

The New Jersey Board of Public Utilities said Ørsted will receive offshore renewable energy credits (ORECs) worth $98.10 per megawatt-hour in the project’s first year of operation, lifting the average residential customer’s monthly bill by $1.46. The project will generate enough renewable power for

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