Ocean Wind 1 offshore project

Investment Analysis Clubs Macro Economic Trends and Risks
1

The first three major construction contracts have been awarded for the 1,100-MW Ocean Wind 1 offshore project that will provide electricity to New Jersey.

Ocean Wind 1 is a joint venture between Ørsted and Public Service Enterprise Group (PSEG), which provides electricity for much of New Jersey. Those groups on April 25 announced Burns & McDonnell Engineering Co. and JINGOLI Power have been contracted to install two high-voltage substations, along with almost nine miles of underground cable, that will connect the offshore wind farm to the onshore electric grid at two landfall points near Atlantic City.

Engineering for the project began earlier this year, and construction is expected to start in September of next year. The Ocean Wind 1 site is about 15 miles off the coast of southern New Jersey. It is part of the state’s plan to install at least 7,500 MW of offshore wind generation capacity by 2035.

Ocean Wind 1 will utilize more than 90 of GE’s Haliade X 12-MW wind turbines.

https://www.powermag.com/burns-mcdonnell-awarded-contract-fo…

Jaak

P.S. - “This is a groundbreaking project for many reasons, but chief among them is how it will be built: with union labor and job opportunities for residents and teens from the communities where we dig in,” said Joseph R. Jingoli, Jr., CEO and co-founder of New Jersey-based JINGOLI Power.

4 Likes
2

It’s great to hear this project has survived. Most wind turbine companies are reporting losses. They contracted to supply at prices that did not allow for inflation. We hear of projects being cancelled once current costs are factored in.

The deck is reshuffled making some installations less attractive.

3

From this week:

The Great US Offshore Wind-Power Boom Has Begun to Falter
https://www.bloomberg.com/news/articles/2022-11-01/the-great-us-offshore-wind-power-boom-has-begun-to-falter?leadSource=uverify%20wall
“On Monday, New Jersey utility Public Service Enterprise Group said it’s deciding whether to pull out of Ocean Wind 1, a proposed project in the Atlantic Ocean that would generate 1.1 gigawatts…”

DB2