Zephyr Harmony: TotalEnergies' Wind Triumph

Attentiive Energy
Attentiive EnergyImage Source: Attentiive Energy

Synopsis:

TotalEnergies and Corio Generation secure a 20-year contract from the State of New Jersey for their Attentive Energy Two offshore wind project, delivering 1.34 GW of renewable electricity to over 650,000 homes. The project aims for commissioning in 2031, with a focus on community investments and economic contributions. The contract ensures project profitability through guaranteed Offshore Renewable Energy Credits (OREC) revenue, IRA tax credits, and inflation adjustments, marking another success in TotalEnergies' expansion in the US electricity market.

Article:

*Energizing New Jersey with Offshore Winds:*

In a pivotal move towards sustainable energy, TotalEnergies and Corio Generation celebrate the State of New Jersey's selection of their Attentive Energy Two offshore wind project. The 20-year contract, secured through a competitive Offshore Renewable Energy Credits (OREC) solicitation, signifies a major step in providing renewable power to New Jersey and contributing to the state's green energy goals.

*Attentive Energy Two: A Green Powerhouse:*

Attentive Energy Two, a joint venture with TotalEnergies holding 70% and Corio Generation 30%, stands as a testament to the potential of offshore wind projects. The project not only promises to deliver 1.34 GW of renewable electricity but also envisions community investments amounting to $105 million across the state. The anticipated commissioning in 2031 aligns with the project's commitment to sustainable development.

*Ensuring Profitability through OREC Revenue:*

The project's profitability is fortified by the secured OREC revenue, guaranteeing a set price of $131 per MWh in the first year post-commercial operations. The annual inflation adjustment of 3% and the added benefit of a 30% IRA tax credit contribute to the economic viability of Attentive Energy Two. The contract's flexibility includes a one-time inflation adjustment mechanism, adapting to changes in construction costs until the final investment decision.

*Strategic Expansion in the US Power Market:*

Vincent Stoquart, Senior Vice President Renewables at TotalEnergies, expresses gratitude for the State of New Jersey's choice, emphasizing the project's role in delivering reliable green electricity while boosting the local economy and offshore wind supply chain. The success follows a similar achievement with the provisional award in 2023 for the Attentive Energy One project in New York. Both projects align with TotalEnergies' ambitious goal of achieving over 100 TWh of power generation by 2030.

*Local Impact and Economic Stimulus:*

Jonathan Cole, CEO of Corio Generation, hails the award as a significant achievement for Attentive Energy, underscoring the positive impact on New Jersey residents. The clean, green energy delivered by Attentive Energy Two is not only a boon for the environment but also a catalyst for regional investment, fostering economic growth and sustainability.

*Partnership and Collaboration for a Greener Future:*

TotalEnergies' strategic move into the US wind market began with the maritime lease secured in 2022. Partnering with Rise and Corio, the collaboration has resulted in the Attentive Energy offshore wind projects. Beyond New Jersey, the lease's capacity will also power the Attentive Energy One project in New York, emphasizing a collective effort to provide green electricity to over a million homes across both states.

Conclusion:

TotalEnergies' triumph in securing the 20-year contract for the Attentive Energy Two project marks a significant stride in the US wind energy landscape. The project's commitment to sustainability, coupled with economic contributions and community investments, aligns with the broader vision of transitioning towards a cleaner, greener future.

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