The New Jersey Board of Public Utilities (BPU) has issued an order awarding Ocean Wind 2 a 20-year OREC (Offshore Renewable Energy Certificate) for its proposed offshore wind farm with a capacity of 1,148 MW.
With the award, the Ocean Wind lease will be utilised to its maximum capacity of approx 2.3 GW. The 2029 OREC price is USD 84.03 per MWh with a 2% annual escalator. Ocean Wind 2 is being developed by Ørsted and will be located adjacent to Ocean Wind 1, the company's first New Jersey project which was awarded an 1,100MW OREC order by the BPU in June 2019. Ocean Wind 1 is being developed by Ørsted in partnership with Public Service Enterprise Group (PSEG) who owns 25% equity in the project. Subject to contract signing and Ørsted's final investment decision, Ocean Wind 2 is expected to be commissioned in 2029.
