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Ørsted awarded 1,148 MW offshore wind contract in New Jersey, fully utilizing its Ocean Wind lease area

27 views GlobeNewswire Europe The New Jersey Board of Public Utilities (BPU) has issued an order awarding Ocean Wind 2 a 20-year OREC (Offshore Renewable Energy Certificate) for its proposed offshore wind farm with a capacity of 1,148 MW. With today’s award, the Ocean Wind lease will be utilized to its maximum capacity of approx 2.3 GW. The 2029 OREC price is USD 84.03 per MWh with a 2% annual escalator.   Ocean Wind 2 is being developed by Ørsted, the world leader in offshore wind development. Ocean Wind 2 will be located adjacent to Ocean Wind (“Ocean Wind 1”), the company’s first New Jersey project which was awarded an 1,100 MW OREC order by the BPU in June 2019. Ocean Wind 1 is being developed by Ørsted in partnership with Public Service Enterprise Group (PSEG) who owns 25% equity in the project.

New Jersey contracts expand U S offshore wind energy initiative

New Jersey contracts expand U S offshore wind energy initiative
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