Khanchit Khirisutchalual
- TotalEnergies (NYSE:TTE) and its partners, Corio Generation (Corio), have been chosen by New Jersey to supply 1.34 GW of renewable electricity through their Attentive Energy Two offshore wind project over a 20-year contract period.
- This selection was made in the state’s third competitive OREC (offshore renewable energy credits) solicitation, organized by the New Jersey Board of Public Utilities (NJBPU). The joint venture, consisting of 70% TotalEnergies and 30% Corio, expects to launch the project in 2031 with an anticipated investment of up to $105 million in community initiatives across the state.
- The project’s revenue model is built on the steady OREC income, commencing at a fixed rate of $131 per MWh in the first year after commercial operations. This is set to increase by 3% annually, complemented by a 30% IRA tax credit.
- Besides, the NJBPU contract incorporates a one-time inflation adjustment to accommodate any changes in construction expenses until the final investment decision.
- “The synergy between Attentive Energy One and Two will fortify our presence in the lucrative US power market, nurturing a portfolio of over 25 GW in both flexible and renewable projects. These ventures will also propel us towards our business segment’s profitability goal of 12% ROACE by 2028, alongside our aspiration to deliver over 100 TWh of power generation by 2030,” remarked Vincent Stoquart, Senior Vice President Renewables at TotalEnergies.
