New Jersey Doubles Down on Offshore Wind for Half Its Power

(Bloomberg) -- New Jersey Governor Phil Murphy is doubling his state’s offshore wind power goal as he competes with New York and elsewhere to jump start an industry expected to create thousands of jobs.

New Jersey plans to install 7.5 gigawatts of offshore wind by 2035, up from a previous target of 3.5 gigawatts by 2030. It will be enough for more than 3.2 million homes, or half the state’s electricity needs, Murphy said during an appearance in Jersey City with former Vice President Al Gore.

Murphy’s goal still falls short of the 9 gigawatts New York Governor Andrew Cuomo is seeking by 2035. To be sure, New York is home to more than twice as many people. In all, offshore wind could generate more than $70 billion in renewable energy investments over a decade, spurring an industry that will help states to get all or most of their electricity from clean sources.

“No other renewable energy resource provides us either the electric-generation or economic-growth potential of offshore wind,” Murphy said in the speech Tuesday.

In June, New Jersey signed an agreement with Orsted A/S for its first installment of 1,100 megawatts of offshore wind. Murphy says 460 businesses have signed on to become a part of the local supply chain.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Steven Frank

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