Total and Invenergy win in New Jersey after Ørsted dropped projects — EnergyWatch

Totalenergies and Invenergy have each emerged victorious from the third round of bidding in the US state of New Jersey, where they have been awarded the combined right to build 3.74 gigawatts (GW) of capacity in two offshore wind projects.

This is according to Recharge News.

The third round of bidding follows Ørsted’s decision last year to abandon further development of its two projects in the state, Ocean Wind 1 and Ocean Wind 2, totaling 2.25 gigawatts, as higher prices and financing rates, as well as supply chain challenges, meant the Danish energy company could no longer pursue the two projects profitably at the agreed electricity prices.

Totalenergies and its partners have won the right to build the 1.34 gigawatt Attentive Energy 2 project, while Invenergy and its partners will build its 2.4 gigawatt Leading Light project. The two projects have electricity settlement prices of $131 and $112 per megawatt-hour, respectively. Ørsted’s two projects had been initiated with electricity settlement prices of $116 and $42 per megawatt-hour, respectively.

In the fall, Ørsted took total impairment charges of DKK 28 billion.