Invenergy has requested a second extension to finalize its contract for the 2.4GW Leading Light offshore wind project with New Jersey, citing persistent challenges in securing a turbine supplier.
In a December filing with the New Jersey Board of Public Utilities, Invenergy highlighted “significant price volatility” in the offshore wind equipment market, which has hampered progress. “The offshore wind equipment market continues to experience significant price volatility, and the Company has not yet identified a solution to that volatility,” the company stated.
Despite the setbacks, Invenergy reaffirmed its commitment to the project, emphasizing its potential benefits. “While Invenergy has not resolved this problem, the Company continues to believe that the LLW Project has the potential to provide significant environmental and economic benefits to New Jersey and its residents,” the filing said.
Leading Light Wind Project Director Wes Jacobs underscored the company's dedication, saying, “This additional time will allow us to continue to navigate ongoing market shifts and supply chain challenges, as we work to advance development of this important project for New Jersey.”
This request follows an earlier delay sought in July 2024, after GE Vernova canceled its 18MW turbine and cost increases were reported by Siemens Gamesa. Invenergy also noted that Vestas turbines were deemed unsuitable for the project.
The Leading Light project, a major component of New Jersey's offshore wind expansion, aims to bolster the state's renewable energy goals. However, ongoing market instability and supply chain constraints have created hurdles, necessitating further adjustments to the project timeline.
The New Jersey Board of Public Utilities has not yet issued a decision on the latest delay request.
