Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Politics

4 new offshore wind projects planned in New Jersey

by August 5, 2023
August 5, 2023
4 new offshore wind projects planned in New Jersey

Wind power developers proposed four new projects off the New Jersey Shore on Friday, a surge that would more than double the number of wind farms built off its coast if they are approved by regulators.

At least two of them are more than twice as far out to sea than others that have drawn the ire of residents who don’t want to see windmills on the horizon. These two would not be visible from the beach, the companies proposing them say.

They would join three wind farms already approved by New Jersey regulators as the state races to become the East Coast capital of the fast-growing offshore wind industry.

In the first project to be made public Friday by the companies proposing it, Essen, Germany-based RWE and New York-based National Grid applied for permission to build a wind farm in the waters off Long Beach Island. Their joint venture is called Community Offshore Wind, and it aims to generate enough electricity to power 500,000 homes.

Unlike other projects that have drawn intense opposition from homeowners in part because they are close enough to the Atlantic City and Ocean City shorelines to be seen by beachgoers, this project would be built 37 miles offshore and would not be visible from the shore, said Doug Perkins, president and project director of Community Offshore Wind.

He said the project has ‘the potential to transform New Jersey into a nation-leading clean energy development, training and manufacturing hub.’ He said his company is the second-largest wind power developer globally, following Danish wind developer Orsted.

Community Offshore said it has not yet determined how many wind turbines would be built as part of the project.

The second bid was submitted by Chicago-based Invenergy and New York-based energyRE for a project 40 miles off Long Beach Island called Leading Light Wind. It would consist of up to 100 turbines, enough to power 1 million homes.

The company is playing up its American ownership as the foreign ownership of key players in New Jersey’s offshore wind industry has generated opposition in some quarters.

‘Leading Light Wind is ready to build out a world-leading domestic offshore wind industry with American-led ingenuity and expertise,’ said Ryan Brown, energyRE’s chief operating officer.

And the two companies that received approval to build the Atlantic Shores wind farm — Shell New Energies US and EDF Renewables North America — submitted a bid to build a second as yet unnamed project 10 to 20 miles offshore. The companies have lease areas in the large expanse of ocean between Atlantic City and Barnegat Light on the northern tip of Long Beach Island, but they did not specify exactly where the second project would be built.

They also did not say how many turbines it would include or how many homes its electricity could power.

Friday night, the New Jersey Board of Public Utilities said a fourth application had also been received, but would not release any information about it. The company or companies proposing it had not come forward publicly to discuss their plans.

Community Offshore and Leading Light said that while they plan to take advantage of existing federal tax credits, they will not seek the same sort of tax break that New Jersey recently approved for Orsted, which is being challenged in a lawsuit brought by opponents of offshore wind.

Atlantic Shores, which earlier this year indicated it wanted similar tax relief to that given Orsted, said Friday it is not asking for anything specific from state government but is in talks with the governor’s office, the utilities board and the Legislature about what might be possible.

The proposals unveiled Friday come in addition to the three projects already approved by New Jersey regulators. Orsted is building two wind farms, called Ocean Wind I and II. And Shell New Energies US and EDF Renewables North America are partnering on the Atlantic Shores project.

<!–>

This post appeared first on FOX NEWS

–>

0
FacebookTwitterGoogle +Pinterest
previous post
Wisconsin zoning board orders pro-Democrat brewery to close; owner claims it’s political payback
next post
Power Charting TV: Stock Selection with the Wyckoff Market Report

Related Posts

Trump demands Biden ‘drug test,’ rips ‘radical’ RFK...

May 19, 2024

Top Dem senator slams lobbyist influence while hiring...

June 12, 2023

Nikki Haley clarifies Civil War ‘was about slavery,’...

December 29, 2023

Yellen and rest of Bidenomics team ignore middle-class...

October 10, 2023

Texas judge rules state’s abortion law is too...

August 5, 2023

Joe Biden, you’re no Harry Truman

March 9, 2024

Chip Roy demands sanctions on ICC officials going...

May 8, 2024

Biden had similar legal aid arrangement he slammed...

April 13, 2024

Johnson fundraises for House Republican who called Matt...

April 25, 2024

Whichever candidate wins Hispanic vote should win 2024...

April 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Iris Secures Right to High-grade Tungsten Project, Montana USA and Update on Capital Raising

    • Top 5 Uranium News Stories of 2025

    • Questcorp Mining Completes Flow Through Financing

    • FORTUNE BAY APPOINTS SENIOR MINING ADVISOR AND PROVIDES GOLDFIELDS PROJECT UPDATE

    • Heliostar Restarts Mining Operations at San Agustin, Durango

    Categories

    • Business (1,423)
    • Investing (3,286)
    • Politics (3,699)
    • Stocks (1,884)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved