Coastal Wind Link Highlights
The Coastal Wind Link proposals uniquely feature an interlinked network, or meshed grid, combined with high voltage direct current (HVDC) technology to bring offshore energy to Northern, Central and Southern New Jersey. The meshed grid’s interlinked spurs would provide the flexibility to redirect power to meet customer demand, with significantly better reliability than the other proposals. In addition to the reliability benefits, the CWL meshed grid would bring additional energy savings to New Jersey customers.
- PSEG and Ørsted are leaders in developing major onshore and offshore projects. PSEG has executed billions of dollars of similar onshore transmission projects in the past decade. Ørsted is the world leader in the offshore wind industry and brings unmatched experience, with more than 7.6 GWs of offshore wind projects across the globe. The companies' combined experience and proven track record supporting New Jersey make the Coastal Wind Link proposals ideal for supporting the state's clean energy goals.
- Coastal Wind Link's meshed grid design would reduce OREC prices, which would be a savings to customers, as it is the only proposal that would actively reduce congestion costs onshore. With its Sewaren option, CWL will also increase resource capacity in northern New Jersey, helping further reduce energy costs for New Jersey families and businesses.
- CWL will be redeveloping a PSEG-owned site and has rights to the key properties needed to develop its solutions, eliminating key project challenges.
- As industry leaders, the CWL partners have the business relationships and contracts to support delivering the projects in the most timely and cost-effective manner.
- The proposals include robust cost caps and schedule guarantees to protect customers.
- PSEG has been a respected member of the New Jersey community for more than a century. Likewise, Ørsted has demonstrated its commitment to helping make the state a clean energy leader.
- 9,000 additional employment years in new jobs,
- $1.5 billion added to New Jersey's economy during the project,
- $900 million in economic opportunities for local contractors
- PSEG uses New Jersey-based firms when possible. New Jersey businesses accounted for 63% of its 2021 spending, intending to increase that percentage to at least 63.5% in 2022.
- A determination to support diversity, equity, and inclusion throughout our state. During 2021, more than 30% of PSEG corporate spending was with minority/women/veteran business enterprises (MWVBE).
- Ørsted will be the first tenant of the NJ Wind Port, the nation's first port built to support offshore wind
- Ørsted is committed to growing New Jersey's offshore wind industry with local vendors and workers. The Pro-NJ Grantor Trust offers small, women-owned, and minority-owned businesses in New Jersey support in reconfiguring their businesses to participate in the developing offshore wind industry.