A Step Forward in Renewable Energy for the State

  • New Jersey Coast Wind Farm secures federal approval for construction
  • Atlantic Shores South Projects 1 and 2 to become the state’s first offshore wind farm
  • Generation capacity of 2.8 GW of electricity
  • Power supply to nearly one million homes
  • Partnership between Shell New Energies US LLC and EDF Renewables North America
  • Construction expected to start next year
  • Cancellation of Ocean Wind 1 and 2 projects last year due to inflation, interest rates, and supply chain issues

Atlantic Shores South Projects 1 and 2, an equal partnership between Shell New Energies US LLC and EDF-RE Offshore Development LLC, have received federal approval to begin constructing New Jersey’s first offshore wind farm. With a generation capacity of 2.8 GW, the wind farm could power nearly one million homes and contribute significantly to the Biden administration’s goal of deploying 30 gigawatts of offshore wind energy by 2030. This comes after the cancellation of Ocean Wind 1 and 2 projects last year due to inflation, interest rates, and supply chain bottlenecks. The wind farm will consist of 197 locations for wind turbines, substations, and a meteorological tower, with subsea cables connecting to homes in Atlantic City and Sea Girt.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the approval of Atlantic Shores South Projects 1 and 2 for New Jersey’s first offshore wind farm, mentions key details such as generation capacity, developers, potential impact on powering homes, and reasons behind previous project cancellations. It also includes a source and credits the author and editor.
Noise Level: 2
Noise Justification: The article provides relevant information about the approval of Atlantic Shores South Projects 1 and 2 for New Jersey’s first offshore wind farm, including details on the developers, generation capacity, potential impact on powering homes, and reasons behind the cancellation of similar projects. It also mentions the source and reporters involved in creating the content. The information is concise and stays on topic without diving into unrelated territories.
Public Companies: Shell plc (SHEL), EDF Renewables North America (), Ørsted (ORSTED)
Private Companies: Atlantic Shores Offshore Wind,Shell New Energies US LLC,EDF-RE Offshore Development, LLC
Key People: Joris Veldhoven (Chief Executive), Zach Bright (Reporter), Kylee West (Editor)

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Financial Relevance: Yes
Financial Markets Impacted: Yes
Financial Rating Justification: The article discusses the approval of Atlantic Shores South Projects 1 and 2, which are set to become New Jersey’s first offshore wind farm. This development has financial relevance as it involves major companies like Shell plc and EDF Renewables North America. Additionally, it impacts financial markets due to its potential impact on the energy sector and the Biden administration’s goal of deploying 30 gigawatts of offshore wind energy capacity by 2030.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
Move Size: No market move size mentioned.
Sector: Energy
Direction: Up
Magnitude: Large
Affected Instruments: Stocks

Reported publicly: www.marketwatch.com