New Projects, POWERGEN, Renewables, Wind

PSEG considering partnering with Ørsted on offshore wind venture

New Jersey-based utility holding company Public Service Enterprise Group (PSEG) is negotiating with Danish energy infrastructure firm Ørsted about investing in an offshore wind project. PSEG is exclusively talking with Ørsted about taking a 25 percent stake in Ocean Wind. It is a planned 1,100-MW farm which would be 15 miles off the coast of Atlantic City. If developed and commissioned by 2024, as planned, Ocean Wind would supply enough power for more than 500,000 New Jersey homes. Ørsted is awaiting permitting approvals and a final investment decision. “We are pleased about the opportunity to explore a partnership with Ørsted, a world leader in offshore wind development, and help New Jersey achieve its goal of carbon free generation by 2050,” said PSEG Power President and Chief Operating Officer Ralph LaRossa. PSEG will complete its due diligence and wait for the required regulatory approvals before finalizing the joint venture agreement. Earlier…

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