Price falls for Fishermen’s demo

Power prices have fallen by almost one third for Fishermen’s Energy’s 24MW Atlantic City project, the developer said, urging New Jersey governor Chris Christie to sign an offshore wind bill.

The legislation, which passed both houses of the state legislature on 14 March, requires the Board of Public Utilities to open a new 30-day application window for small offshore wind projects.

The board previously rejected Fishermen’s pilot over cost and viability concerns.

The governor vetoed a similar bill in January, however, the developer is pressing Christie to reconsider his opposition to costly offshore wind power.

Prices have dropped almost in half compared with five years ago, Fishermen’s chief executive officer Chris Wissemann said in a letter to Christie.

“The proposed Atlantic City offshore wind demonstration project can now sell its power for 30% less than contemplated two years ago, thanks to substantial federal funding and incorporation of the best of European and American know-how,” said Wissemann.

The $220m demo has secured $50m in funding from the US Department of Energy, but must secure a power offtake deal by May 2016 to get the full amount.

The developer also switched to Siemens turbines from XEMC machines to try to win regulatory approval.

Wissemann pointed out the project will sell renewable energy certificates for one third less than current New Jersey solar REC prices.

“Time is of the essence,” he said. “The Atlantic City project is shovel-ready but for approval by the New Jersey Board of Public Utilities.”

The governor may sign the bill, return it for changes or veto it. If he takes no action within 45 days, the measure automatically becomes law.

Image: Fishermen’s Energy met buoy on station off Atlantic City (Fishermen’s Energy)