NEWARK, N.J., April 12, 2021 /PRNewswire/ -- PSEG and
Ørsted today announced they have completed PSEG's acquisition of a
25% equity interest in Ocean Wind. Announced on Dec. 4, 2020, PSEG's investment in Ocean Wind
received approval from the New
Jersey Board of Public Utilities on March 31.
Ocean Wind is an 1,100-megawatt offshore wind farm located
15 miles off the coast of southern New
Jersey. The recent issuance of a Notice of Intent for Ocean
Wind from the federal Bureau of Ocean Energy Management is further
progress along the timeline of New
Jersey's groundbreaking investment in offshore wind
power.
"From creating jobs and strengthening the economy to investing
in infrastructure and bringing gigawatts of renewable energy to our
coast, offshore wind is critical to New
Jersey's future," PSEG Chairman, President and CEO
Ralph Izzo said. "PSEG is pleased to
close on its investment in Ocean Wind and looks forward to working
with Ørsted to bring clean energy and new industry to the
state."
"We're excited to officially welcome PSEG as a partner on Ocean
Wind," said Martin Neubert, Chief
Commercial Officer and Deputy Group CEO of Ørsted. "Our two
organizations are well-suited to deliver clean reliable energy to
New Jersey and help the State
continue its path on becoming a leader in the American offshore
wind industry."
In 2019, New Jersey set an
ambitious goal of 7,500 megawatts of offshore wind capacity by
2035, a key component of Gov. Phil
Murphy's long-term strategy for achieving a 100% carbon-free
energy supply by 2050. In March, the Biden administration announced
a set of actions that included establishing a national target of
deploying 30,000 megawatts of offshore wind by 2030.
"Ocean Wind is a leader in helping New
Jersey and the nation achieve their clean energy goals,"
continued Izzo. "With our robust climate goals and strategies, PSEG
is proud of our role in supporting New
Jersey's clean energy economy as we work to address the
challenges of climate change."
Combined with the New Jersey Wind Port and Port of Paulsboro, the state's key facilities planned
to support the development, manufacturing, supply chain and
assembly of offshore wind components, Ocean Wind will help
New Jersey achieve critical steps
in generating clean energy for millions of the state's residential
and business customers, as well as strengthening the domestic
supply chain, creating thousands of good-paying jobs and supporting
the deployment of offshore wind at scale.
About PSEG
Public Service Enterprise Group
Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy
company with approximately 13,000 employees. Headquartered in
Newark, N.J., PSEG's principal
operating subsidiaries are: Public Service Electric and Gas Co.
(PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500
company included in the S&P 500 Index and has been named to the
Dow Jones Sustainability Index for North
America for 13 consecutive years.
About Ørsted
The Ørsted vision is a world
that runs entirely on green energy. Ørsted develops, constructs,
and operates offshore and onshore wind farms, solar farms, energy
storage facilities, and bioenergy plants, and provides energy
products to its customers. Ørsted ranks as the world's most
sustainable energy company in Corporate Knights' 2021 index of the
Global 100 most sustainable corporations in the world and is
recognized on the CDP Climate Change A List as a global leader on
climate action. Headquartered in Denmark, Ørsted employs 6,179 people. Ørsted's
shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the
group's revenue was DKK 52.6 billion
(EUR 7.1 billion). Visit orsted.com
or follow us on Facebook, LinkedIn, Instagram, and Twitter.
Forward-Looking Statement
The statements contained in
this press release that are not purely historical are
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from those anticipated.
Such statements are based on management's beliefs as well as
assumptions made by and information currently available to
management. Factors that may cause actual results to differ
materially from those contemplated in any forward-looking
statements made by us herein are discussed in our Annual Report on
Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed
with the Securities and Exchange Commission (SEC), and available on
our website: https://investor.pseg.com. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and we cannot assure you that the results or
developments anticipated by management will be realized or even if
realized, will have the expected consequences to, or effects on, us
or our business, prospects, financial condition, results of
operations or cash flows. Readers are cautioned not to place undue
reliance on these forward-looking statements in making any
investment decision. Forward-looking statements made in this press
release apply only as of the date hereof. While we may elect to
update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate Investor
Relations website at https://investor.pseg.com. Investors and other
interested parties are encouraged to visit the Investor
Relations website to review new postings. You can also use the
"Email Alerts" link at https://investor.pseg.com sign up for
automatic email alerts regarding new postings.
CONTACTS:
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Investor
Relations
|
Media
Contacts
|
Carlotta
Chan
|
Marijke
Shugrue
|
Carlotta.Chan@pseg.com
|
Marijke.Shugrue@pseg.com
|
973-430-6565
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908-531-4253
|
|
|
|
Lauren
Burm
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|
Ørsted North
America
|
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617-309-8730
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laubu@orsted.com
|
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SOURCE PSEG