New Jersey goes big.

Total & Invenergy winners in offshore wind round 3 tender

New Jersey was always going to go big – it needs to replace capacity lost from Ocean Wind 1 to meet its climate targets. But procuring over 3.7 GW is a new high for the state and just 300 MW short of New York's record-breaking procurement last year. It’s also paying more per MWh than it has before.

Levelized OREC purchase prices stand at $139.53/MWh for Leading Light Wind and $165.14/MWh for Attentive Energy Two. Among commercial projects, only Maryland’s Skipjack and MarWin and the operational Block Island have higher offtake rates than AE2. For projects of their size (1.3 GW+), these rank with the recent New York Bight awardees – who averaged $145.07/MWh – for the highest offtake rates in the world.

Our analysis, fed by measurement corrected wind models, ?estimates energy production for Leading Light wind to be approximately 9000GWh/yr, equating to $1.25B annual revenue.? For Attentive 2, estimated energy production of around 5100GWh/yr ($840M/yr) joins Attentive 1’s production estimate of 5300GWh/yr ($770M/yr) to present a combined annual revenue of estimate of $1.6B/yr.

This places both Total and Invenergy above ?rsted in a ranking of project pipelines for lead developers in the US offshore wind segment.

We have seen around the world the race to lower prices stalling in the face of inflation. Inflation may have slowed but input costs remain high, and as we have see strike prices rise in the UK so too are we seeing in the US.

After a turbulent year for offshore wind, newer entrants to the market are reaping the benefits of recovery and enjoying a strong position in the strengthening offshore wind pipeline...

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