NEWARK, N.J., Oct. 28, 2021 /PRNewswire/ -- PSEG and
Ørsted today announce that the companies have submitted several
joint proposals for offshore wind transmission that support
New Jersey's ambitious clean
energy goals. Submitted into the PJM State Agreement Approach
Proposal Window, the joint proposals are collectively named Coastal
Wind Link and are designed to deliver thousands of megawatts of
offshore wind energy into New
Jersey, drawing from PSEG's extensive transmission
experience and Ørsted's expertise in offshore wind energy.
"We applaud New Jersey for
setting aggressive clean energy goals and recognizing the need to
continue to ensure a reliable, resilient energy system that also
enables the state's clean energy future," said Lathrop Craig, PSEG vice president of Wind
Development. "PSEG has set a net-zero by 2030 climate vision
and will continue to support the state in the realization of its
clean energy goals. Our investments, including those in Coastal
Wind Link, will focus on fostering sustainable clean energy
infrastructure. The Coastal Wind Link proposals bring together the
vast expertise and track record of Ørsted and PSEG – a track record
that includes a commitment to leveraging diverse suppliers and
supporting the communities where we do business."
"New Jersey continues to be a
leader in clean energy, both in development of offshore wind and
with forward-looking transmission solutions," said David Hardy, CEO of Ørsted Offshore North
America. "We support the state's ambitions of building a
lasting offshore wind industry and clean energy resource for
residents for many years to come. We're pleased to submit our
Coastal Wind Link proposals, which offer a range of transmission
and offshore expertise for policymakers to utilize in achieving
this vision."
The Coastal Wind Link proposals will provide reliable, resilient
and cost-effective infrastructure to the state as thousands of
megawatts of new, clean renewable energy come onto the grid. The
Coastal Wind Link proposals encompass individual and networked
solutions and would ensure that New
Jersey has a clear path to connect to the offshore wind
energy coming online during the next decade while minimizing
environmental impacts along New
Jersey's coastline. The proposals will utilize existing PSEG
infrastructure in New Jersey to
expedite development and enhance constructability.
Supporting a clean energy future
PSEG and Ørsted are pleased to support the state of New Jersey, the New
Jersey Board of Public Utilities and PJM in this
first-of-a-kind policy-led approach to transmission in the PJM
market, and also support the ambition for integrating offshore wind
into the state's energy grid as efficiently and cost-effectively as
possible. In submitting these proposals, PSEG and Ørsted are taking
another major step in helping New
Jersey meet its goals of integrating 7,500 megawatts of
offshore wind energy by 2035 and achieving 100% clean energy by
2050.
An experienced partnership
In an expansion of their existing offshore wind partnership in
New Jersey, PSEG and Ørsted bring
extensive on- and offshore expertise to these proposals. PSEG has
deep expertise in construction and permitting for transmission and
distribution infrastructure, as well as experience working across
stakeholders to execute complex proposals on time and on
budget.
Ørsted, the world leader in offshore wind energy, has extensive
experience constructing and maintaining generation and transmission
assets in the offshore environment, including building offshore
transmission systems for wind farms in the U.K. and 8 gigawatts of
installed offshore wind capacity globally. Ørsted has two
large-scale offshore wind farms in development in New Jersey, including Ocean Wind 1, in
partnership with PSEG, and Ocean Wind 2.
Together, PSEG and Ørsted will bring their complementary skills
and unmatched experience to ensure the proposed projects can bring
the greatest possible benefits to New
Jersey.
Supporting the clean energy economy
PSEG's investments in critical energy infrastructure serve as an
important economic engine in the region. In 2020, PSEG spent nearly
$2 billion with other New Jersey-based businesses and suppliers that
provide additional jobs throughout the workforce. As part of its
existing offshore wind energy projects, Ørsted has committed to
more than $1.5 billion of in-state
spending, which will drive job creation, community development,
investments into port infrastructure and much more to help position
New Jersey as a clean energy
leader.
The proposals aim to deliver hundreds of millions of dollars
worth of benefits to the state economy and hundreds of skilled jobs
over the next decade, benefiting many local businesses and trades
in helping to achieve the state's energy goals. The proposals align
with PSEG's corporate target of achieving 30% of applicable
spending allocated to diverse suppliers, including minority-,
women-, veteran- and LGBTQ+ owned suppliers. During 2020, PSEG had
a sixth consecutive record-setting year buying goods and services
from diverse suppliers; more than 28% of the company's purchases
were with diverse vendors. PSEG and Ørsted are proud to play a
leading role as New Jersey expands
its clean energy economy, and Coastal Wind Link can represent the
next major step in that growth.
PSEG has a long history of working with local contractors
implementing large-scale transmission projects in New Jersey, and Ørsted is committed to
building projects utilizing union labor and collectively bargained,
pre-hire agreements. In 2020, Ørsted signed an agreement with
North America's Building Trades
Unions, establishing a national framework and setting the industry
standard.
William T. Mullen, president
of the New Jersey Building and Construction Trades Council,
said: "PSEG has served the state for more than a century with
expertise in the design, construction and maintenance of
large-scale electric transmission systems. PSEG and its union
partners are proud of our shared commitment and contributions to
New Jersey. New Jersey's transition to the clean energy
economy should be accompanied by opportunities for workers in the
skilled trades to ensure quality results for the benefit of the
state, its customers and the environment. We look forward to
working together with Ørsted and PSEG to grow the state's clean
energy economy."
"Over the last 10 years, PSEG has invested billions of dollars
in transmission infrastructure to help keep PJM's grid as resilient
as possible against the impacts of extreme weather and climate
change," said Joseph Egan,
president of the state's IBEW Construction Locals. "We're eager
to work with PSEG and Ørsted to achieve New Jersey's ambitious offshore wind
development plans, which will join nuclear power as our state's
largest sources of clean, carbon-free energy, and also will help
create jobs for thousands of skilled workers."
"PSEG is the state's most experienced and continually proven
developer of large-scale transmission projects and has consistently
worked to invest, upgrade and create new transmission networks,"
added Daniel Cosner, president of
the South Jersey Building Trades and business manager of IBEW
LU 351. "As clean energy leaders, PSEG and Ørsted are best
positioned to advance the state's offshore wind generation goals
while sustaining the reliability of the system and power grid. On
behalf of the IBEW and the South Jersey Construction and Building
Trades Council, I look forward to partnering with these clean
energy leaders and to leveraging the expertise of our trades and
the community presence they have established to advance these
important projects."
Additional transmission
In addition to the Coastal Wind Link proposals submitted jointly
with Ørsted, PSEG's affiliate, Public Service Electric and Gas
(PSE&G), New Jersey's largest
electric and gas utility, submitted multiple proposals into the PJM
State Agreement Approach Proposal Window. PSE&G's proposals
target upgrades to the onshore grid that will be necessary to
accommodate the new generation being built offshore.
Today's announcement underscores PSEG's evolution to a clean
energy infrastructure-focused company, which was recently detailed
during PSEG's 2021 investor conference and in its 2021
Sustainability and Climate report.
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.
(https://corporate.pseg.com).
About Ørsted Offshore North America
The
Ørsted vision is a world that runs entirely on green energy. Ørsted
ranks as the world's most sustainable energy company in Corporate
Knights' 2021 Global 100 index of the most sustainable corporations
and is recognized on the CDP Climate Change A List as a global
leader on climate action.
In the United States, Ørsted
operates the Block Island Wind Farm, America's first offshore wind
farm, and constructed the two-turbine Coastal Virginia Offshore
Wind pilot project – the first turbines to be installed in federal
waters. Ørsted has secured over 4,000 megawatts of additional
capacity through six projects in the Northeast and Mid-Atlantic.
Ørsted Offshore's North American business is jointly headquartered
in Boston, Massachusetts and
Providence, Rhode Island and
employs more than 150 people. To learn more
visit us.orsted.com or follow us on
Facebook, Instagram and Twitter (@OrstedUS).
PSEG 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
PSEG 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 PSEG 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, PSEG 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, PSEG 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
sign up for automatic email alerts regarding new postings at the
bottom of the webpage at
https://investor.pseg.com.
CONTACTS:
|
Media
Relations
|
Media
Relations
|
|
Marijke
Shugrue
|
|
908-531-4253
|
|
Marijke.Shugrue@pseg.com
|
|
Tory
Mazzola
857-284-1430
TORMA@orsted.com
|
Investor
Relations
|
Investor
Relations
|
|
Carlotta
Chan
|
|
973-430-6565
|
|
Carlotta.Chan@pseg.com
|
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