The New Jersey Board of Public Utilities today announced its official acceptance of the application tendered by EDF Renewables and Fishermen’s Energy for the Nautilus Offshore Wind project.
The agency is expected to review the project over the next few months and make a decision on whether to approve the project for immediate construction, which will be located about 2.8 miles east of the coastline of Atlantic City and could be complete as soon as 2020.
The small-scale project, expected to be comprised of three wind turbines with a combined capacity of up to 25 MW, is a crucial first step towards implementing the Offshore Wind Economic Development Act and building a workforce capable of meeting Gov. Phil Murphy’s statewide goal of 3,500 MW of offshore wind generation by 2030.
The project is expected to employ the equivalent of 600 workers for a year during construction as well as additional jobs during operations and maintenance. New Jersey residents across the state could expect to begin receiving power generated by the Nautilus Offshore Wind project as early as 2021.
It’s estimated that for the average New Jersey electric consumer, the additional cost of power will amount to about $1.76 per year. In return, an independent analysis showed that Nautilus is expected to increase New Jersey’s total economic output by $150 million with construction by 2020.
Maintaining the offshore wind project could add $16 million annually for the state, with a projected economic and environmental net benefit of $235 million.
A number of New Jersey economic organizations and political officials have already voiced support for the project.