In what can be viewed as both an inevitable conclusion to a project that no longer has support from the federal government – and a hope that someday those interests will return – Atlantic Shores filed paperwork with the N.J. Board of Public Utilities to terminate its offshore wind projects in the state.
Atlantic Shores Offshore Wind CEO Joris Veldhoven said the company is hopeful that this is just a pause.
“This filing marks the closing of a chapter, but not the end for Atlantic Shores,” he said in a statement. “Offshore wind continues to offer New Jersey a strong value proposition that includes thousands of good paying jobs, stable power prices and real economic benefits.”
Like any renewable energy project, offshore wind needs to make sense financially.
Veldhoven, who has been voicing that concern since the pandemic – and subsequent issues with the supply chain – greatly impacted the economic model, said he hopes the sector can return at a more opportune time.
He also noted that the taxpayers of N.J. did not lose a penny during Atlantic Shores’ efforts.
“While no ratepayer money or subsidy was spent on Atlantic Shores Project 1, this reset period presents us an opportunity to ensure utility customers continue to get a fair deal for critical infrastructure delivery,” he said.
The announcement comes just days after N.J. residents began receiving notes that their energy bills will go substantially – mainly due to an insufficient amount of power generation.
The offshore wind industry had hoped to be a solution to that problem. Veldhoven hopes that one day it can be.
“With record demand for electricity outpacing supply, one thing is for sure: New Jersey needs more power generation,” he said. “Atlantic Shores stands ready to deliver high-capacity factor projects that will safeguard American business interests, support energy security and improve the quality of life for millions of Garden State residents.”
