Evaluating the Economics of Offshore Wind Projects: Evaluation of the Application by Fishermen's Energy (FERN) Atlantic City Windfarm, LLC

New Jersey Board of Public Utilities (BPU)
Boston Pacific Company; OutSmart BV

The Board of Public Utilities's (BPU) consultants state that the net benefits of the project were not demonstrated because key underlying assumptions of Fishermen Energyメs (FERN) cost-benefit analysis were not adequately substantiated. The project has significant technical risks that may impair its ability to perform as promised; risks involve primarily the use of wind turbines that are not fully commercialized, and a foundation concept that has not been used before for offshore wind turbines. While securing financing from XEMC is a positive achievement, XEMCメs financial strength was not demonstrated because its financial statements donメt meet U.S. accounting standards. Finally, key management staff at Fishermen's Energy do not demonstrate signficant offshore wind experience.

Publication Date: 
Wednesday, February 22, 2012
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