New report suggests Garden State is uniquely placed to make hay with wind, but critics have doubts and developers say state must push the process
NJ Spotlight:
“It’s good for the environment and good for the economy,’’ said O’Malley, citing why there is new momentum on offshore wind. “States are recognizing it as a huge opportunity. It’s the path forward on clean energy.’’
Credit: Bureau of Ocean Energy Management
Pink shading represents currently leased areas for planned offshore-wind development
Until recently, New Jersey had done little to achieve its own goal of building 1,100 megawatts of offshore-wind capacity by 2021, a target it will not achieve because of eight years of inaction during the administration of former Gov. Chris Christie.
With the administration of Gov. Phil Murphy establishing a target of 3,500 mw of offshore wind by 2030, state officials recently have taken steps to advance those goals. Last week, the state Board of Public Utilities posted draft regulations designed to help offshore-wind developers finance their projects, a proposal crucial to lining up financing.
“Offshore wind is the ideal resource for states like New Jersey — it’s clean, it’s renewable, and it’s conveniently located near our biggest cities,’’ said Gideon Weissman of Frontier Group, a co-author of the report.
But critics say it is not cheap, a huge concern in a state typically ranking as among the ten most expensive for energy costs in the country.
The report, however, noted advances in technology and declining costs, coupled with growing concerns about the environmental impacts of fossil fuels, have generated new momentum for offshore wind.
Between 2012 and 2017, the overall cost of offshore wind dropped by 27 percent, according to the asset-management firm Lazard. The price is in line with new coal plants and cheaper than new nuclear units, according to the firm.
Credit: National Renewable Energy Laboratory
