This past summer, New Jersey residents saw electric supply rates surge nearly 900%, and grid operators say they are expected to double in 2025.
Affordability is a critical issue for New Jersey residents, and concerns about volatile energy prices should be addressed.
We’ve heard the concerns that last summer’s price impacts directly correlated with offshore wind. That’s simply not true. Neither Atlantic Shores nor any other offshore wind developer in New Jersey has received any subsidies to date, so any connection between offshore wind and spiking electric rates is inaccurate.
Offshore wind didn’t create this problem, but it’s part of the solution, and Atlantic Shores is powering a more prosperous, livable Garden State that benefits hardworking people and their families.
New Jersey residents deserve an explanation of how offshore wind will work to lower costs and improve resiliency.
First, offshore wind projects awarded by the state of New Jersey must provide fixed-price, long-term contracts that ensure fiscal prudency and create net positive economic benefits — a very high standard for infrastructure delivery that also offers significant ratepayer protections.
Next, our commitment to delivering a predictable, locally produced energy source will supply the hyperscale power needed to win the AI race and secure America’s economic dominance. New Jersey’s pro-business, pro-environment agenda means that the deployment of enormous payloads of renewable energy — enough to power more than 700,000 New Jersey homes — will sustain New Jersey as an attractive home to high-skilled workers and earners while also supporting direct investments in advanced manufacturing.
Atlantic Shores has worked hard and in a bipartisan way to advance our projects through a rigorous development and permitting process. We are heavily invested in the local economy and proud to work with some of the biggest builders in New Jersey, including firms like Riggs Distler, J. Fletcher Creamer, and JINGOLI, to name a few.
As we ramp up pre-construction activities in Atlantic County, we are proud to say offshore wind is already creating union jobs and progressing community benefits.
Atlantic Shores Project 1 will have a project labor agreement negotiated with the South Jersey and Atlantic-Cape May Building Trades Councils to ensure ratepayers get safe, competitive and deliverable projects done with quality work. Union labor also supports hitting project milestones while we’re putting money in the pockets of New Jersey workers who want to see a better tomorrow for their families.
While the business case and long-term economics of offshore wind remain rock-solid, we need to continue to bang the drum in support of our industry.
Atlantic Shores Project 1 represents more than $2 billion in positive economic impact and serves as an important hedge against out-of-control utility bills. It will also result in cleaner air, with an estimated $20 million per year in public health benefits, providing additional relief to New Jersey’s most vulnerable residents.
The abundant benefits of offshore wind will help coastal residents as well, providing stronger resiliency through targeted investments in partnership with our host communities. As reported earlier this year, Atlantic City is one of the most flood-vulnerable coastal cities in the United States. We must push back on sea-level rise and sunny-day flooding through strong coordination with state and local planning agencies.
In addition to a long list of ongoing environmental research and compliance efforts, our investments are attracting interest from the global supply chain. Companies want to do business in New Jersey because of Atlantic Shores.
For example, our geoscience partners at Fugro have grown their strategic partnerships with two longtime New Jersey vessel operators, Alpine and S.T. Hudson, to survey our lease areas.
During more than four years of work, we saw zero incidents or injury to any marine life — an exceptional safety record made even more remarkable in the face of misinformation campaigns designed to undermine public trust in offshore wind.
As part of this mapping project, teams of student researchers from Rutgers have helped deploy buoys that collect and share open-source data on atmospheric modeling to get better estimates of energy production from the offshore wind turbines — very cool stuff that’s also a strong reminder from the next generation of New Jersey leaders that they believe in offshore wind and making this place an incredible ecosystem of companies and stakeholders bringing out the best in one another.
Investing in people, providing a fair deal for ratepayers and improving air quality is how we unleash the American energy expansion, tackle the affordability crisis and reduce the worst impacts of extreme weather.
The public supports commonsense, zero-emissions power projects. Atlantic Shores stands ready to deliver on the promise of offshore wind. So let’s fight skyrocketing energy costs while protecting our environment and growing the economy.
Juan Carlos Puente is chief financial officer for Atlantic Shores Offshore Wind.
