LS Power Grid Urges New Jersey to Include Cost Containment Measures in All Plans for Offshore Wind Energy Systems

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Apr 13, 2022, 12:21 ET

EAST BRUNSWICK, N.J., April 13, 2022 /PRNewswire/ -- Electric transmission developer LS Power Grid urged New Jersey to include comprehensive cost containment measures in all of its plans for the development of offshore wind energy systems.

"We applaud the New Jersey Board of Public Utilities (NJBPU) for welcoming competitive bids from private developers as part of the state's offshore wind development process," said Lawrence Willick, executive vice president of New Jersey-based LS Power, parent of LS Power Grid. "Given the scale of these projects, comprehensive cost containment measures must be included. Such measures have proven to reduce cost, reduce risk and, ultimately, produce the most affordable energy systems. Well-defined cost containment measures can help New Jersey create not only the best possible offshore wind energy systems, but also the most significant long-term benefits and savings for ratepayers."

Willick participated in a public meeting hosted by the NJBPU on Tuesday, April 12. LS Power Grid is one of 13 private sector companies that have responded to the state's request for proposals on how best to connect offshore wind power to the state's aging onshore electrical grid. Currently, the NJBPU and the regional grid operator, PJM Interconnection, are evaluating these proposals.

"LS Power Grid has the expertise, experience and an exceptional track record for delivering major energy projects on time and on budget," Willick said. "In fact, all of LS Power Grid's competitive projects to date have been completed on schedule and within cost containment commitments. New Jersey needs a high quality, resilient and reliable offshore wind energy transmission system that is also cost effective. We can deliver exactly what New Jersey needs – at a cost that is at least $1 billion less than other competing proposals."

For more details about LS Power Grid's proposals for New Jersey and its previous successes in delivering major transmission projects on schedule and within budget, see this press release and visit the company's website dedicated to New Jersey offshore wind energy transmission at https://CleanEnergyGateway.com.

About LS Power Grid
LS Power Grid, a leading electric transmission company, is an advocate for transparent and competitive processes to plan, build and own transmission infrastructure. These processes encourage innovative solutions, facilitate the integration of renewable resources, and lower costs. For information, please visit www.LSPowerGrid.com.

About LS Power
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Waste-to-Renewable Generation and Fuel initiatives. Additionally, LS Power invests in renewables and energy storage through REV Renewables. Across its efforts, LS Power has raised in excess of $48 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.

SOURCE LS Power