Developers of the Leading Light Wind project are seeking a six-month extension of a New Jersey state approval, saying they need more time to secure turbine equipment in a stormy global market.
Chicago-based Invenergy is backing the 2.4-gigawatt Leading Light project proposed on a lease in the New York Bight and was qualified by the New Jersey Board of Public Utilities in late January 2024.
But turbine manufacturer GE Vernova pulled back on its plan for selling its largest 18-MW Haliade X machines for the U.S. offshore market, undercutting Invenergy Wind Offshore LLC projections for its $12 billion project. Invenergy in turn sought a delay from the New Jersey state utilities board, which was granted Sept. 25.
One day before that extension expired, Leading Light sought another six months’ grace period to May 20, 2025.
“The offshore wind equipment market continues to experience significant price volatility and the Company has not yet identified a solution to that volatility,” lawyers wrote in the Dec. 19 request to the BPU. “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.”
“Invenergy has already invested millions of dollars in the LLW Project and continues to invest time and resources in its development,” the letter continued. “Invenergy remains committed to the LLW Project. The Company simply needs additional time to work through the present challenges.”
GE Vernova’s troubles, from escalating costs to a disastrous failure of a turbine blade at the Vineyard Wind array in July, continued to reverberate in a industry broadly plagued by escalating costs. By some estimates half of U.S. offshore wind projects have been forced into contract and power purchase agreement resets by developers and state agencies, trying to keep those plans viable.
