Robert L. Mitchell CEO and Co-Founder Atlantic Wind Connection

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1 Robert L. Mitchell CEO and Co-Founder Atlantic Wind Connection

2 New Jersey Energy Link Electric superhighway connecting northern, central and southern New Jersey Delivers 3,000 megawatts of electricity to where it is needed, when it is needed Enough to power 1 million homes Eliminate 8 million tons of CO 2 emissions Equivalent to taking 1.5 million cars off the road Reduces cost of electricity Strengthens reliability of NJ s electric grid Minimizes cost to ratepayers from offshore wind Creates thousands of New Jersey jobs and strengthens the State s economy E x p e r i e n c e d P a r t n e r s P r i v a t e I n v e s t o r s 2

3 NEW JERSEY EIA: New Jersey ranks 5 th highest among all 48 contiguous states Avg. Residential Electricity Prices (cents per kilowatthour) 1 New York Connecticut New Hampshire Vermont New Jersey Maine California Massachusetts Rhode Island Delaware Source: EIA Electric Power Annual 2011, released on 1/30/2013 3

4 FACTOR: Grid Congestion Caused by lack of transmission & generation Additional land-based transmission is not the best way to relieve congestion. It is difficult and expensive to implement, and vulnerable to typical failures. Congestion is the inability to deliver power where it is needed. In recent years, PJM ratepayers have paid $0.5 - $2.0 Billion per year in congestion charges. Reducing congestion will provide huge value to consumers. 4

5 Capacity Prices in PJM PJM Report: PSEG, is historically transmission constrained... From the PJM report: Results of recent capacity auction in $/MW-day The only LDA in which prices increased, PSEG, is historically transmission constrained, and did not attract much of the new entry and uprates that are internal to PJM and could not fully benefit from the new entry in other parts of PJM and the increased imports due to the transfer limits into PSEG. Additionally, of the 2,710 MW of announced deactivations since the last BRA, the PSEG zone accounted for 1,408 MW or just over half of the total deactivations in all of PJM since the last BRA... (Page 31) Source: 5

6 NEW JERSEY S ENERGY CHALLENGE High demand, Lack of generation in the North High population, Hard to site transmission on land 6

7 NEW JERSEY S ENERGY CHALLENGE Congestion 7

8 NEW JERSEY S ENERGY CHALLENGE Build more out-of-state transmission? 8

9 NEW JERSEY S ENERGY SOLUTION AWC New Jersey Energy Link (Phase 1) 9

10 NEW JERSEY S ENERGY FUTURE Offshore Wind & New Jersey Energy Link 10

11 The most cost-effective way to connect offshore wind Individual Wind Farm Lines (Radial Ties) 40% utilization for wind only Locked into delivering power to southern New Jersey only, where power is least needed Not a congestion solution Not a reliability solution Cannot support offshore wind reaching scale as it will require costly system upgrades ($1.5 - $2.6 bn) High-Capacity Offshore Backbone 100% utilization for wind and conventional power Delivers power to where its needed, when its needed (Southern, Central, or Northern New Jersey) Reduces congestion and saves ratepayers money Strengthens grid reliability and saves ratepayers money Supports scale of offshore wind needed to attract new manufacturing to the State furthering state policy 11

12 Offshore wind reduces load payments by New Jersey ratepayers of $1.64 billion over 15 years. NJEL produces more savings, production cost reductions and congestion relief than delivering offshore wind with individual radial lines. Radial transmission for 3,000 MW of offshore wind would require upgrades in the range of $1.5 billion to $2.6 billion. NJEL, in comparison, can deliver 3,000 MW with upgrades of approximately $600 million. Many hot spots of grid vulnerability, particularly in northern New Jersey, can be fixed with the NJEL, better than other transmission solutions. AWC project offers total benefits of $9 - $15 billion, including the avoided costs of radial transmission lines.

13 The Benefits of NJEL: Ability to Sustain Grid Operations Without NJEL* With NJEL * In Response to a Physical Attack Vulnerability Transmission pylons are exposed and numerous AWC Transmission Backbone is a buried hard target Mitigation Potential** Limited High Assessment Vulnerability Extent of vulnerability is determined by the degree of isolation between a utility s operational control and back office networks. For legacy power generation transmission and distribution operations, this isolation could be limited. In Response to a Cyber Attack The newer AWC Transmission Backbone will enforce isolation with state of the art components, processes, and policies Mitigation Potential** Moderate High Assessment Vulnerability Transmission lines exposed to resulting free space electromagnetic field In Response to a Space Weather Event AWC Transmission Backbone benefits from shielding from burying and propagation loss in water Mitigation Potential** Moderate High Assessment In Response to Environmental Variations (e.g. temperature extremes, hurricane or tornado) Vulnerability High temperatures can result in cable sag Extreme winds may down cables Minimum temperature variation in water. High winds do not impact the AWC Transmission backbone, and even wind generators can withstand Category 3 winds Mitigation Potential** Limited High Assessment In Response to a Nuclear Generation "Station Blackout" Hard wired transmission network limits flexibility in routing AWC Transmission Backbone provides Black start capabilities Vulnerability restart power to restart power from a non-impacted area Mitigation Potential** Moderate High Assessment *TCG assesses that these advantages to grid operations apply within the initial New Jersey segment of AWC and that the impacts would increase as future segments of the AWC transmission backbone are completed to the south. **Mitigation Potential describes the ability of the two alternatives to recover from the attack or event. For the Without Completed AWC alternative, mitigation potential is limited by the susceptibility of the existing transmission line-based grid to single point failure. The inherent resiliency that characterizes the AWC Transmission Backbone allows considerable flexibility in restoring grid operations.

14 Cost competitive with solar & other renewable energy technologies Cost of land based wind has dropped 90% from $450/Mwh in 1980 to roughly $70/Mwh (without PTC) today. In just the past three years, it has dropped 33%. U.S. Department of Energy estimates the cost of offshore wind can be reduced from $270/Mwh to $70/Mwh by

15 CASE STUDY: Iowa s Wind Success 25% of Iowa s electricity is generated from wind, powering more than 1.1 million homes Nearly $5 billion in investment 3,200 direct manufacturing jobs with $70M payroll 6,000 7,000 total direct and indirect jobs supported in ,800 supply chain jobs Attracted more major wind energy industry manufacturing than any other state: 2 turbine manufacturers 2 major blade manufacturers 1 tower manufacturer 200 Iowa small businesses supply the wind industry Suppliers located in 26 of Iowa s 99 counties Legend Blue counties have wind projects Greed dots are online wind energy manufacturing facilities Yellow dots are announced wind energy manufacturing facilities 15

16 Job Creation & Economic Development Opportunity Offshore Wind and the New Jersey Energy Link Study by IHS Global Insight A leading global analytics firm The build-out of 3,400MW of offshore wind and the New Jersey Energy Link is estimated to: Create 10,000 20,000 jobs in New Jersey Jobs in manufacturing and construction, in the supply chain, and in other new business activity Just building the New Jersey Energy Link will create nearly 2,000 jobs Pump $9 billion into the State s economy Add $2.2 billion to State and local government tax revenues Source: Assessment of the Economic Benefits of Offshore Wind in the Mid-Atlantic, IHS Global Insight, January 2012 *Covering the 9-year build-out of the NJEL backbone transmission line and 3,400 MW of offshore wind capacity. 16

17 Offshore Hub 17

18 Inside the Hub 18

19 On-Shore Fabrication & Mobilization in New Jersey 19

20 On-Shore HVDC Converter 20

21 New Jersey Energy Link PRODUCING A CLEANER ENVIRONMENT Offshore wind and the New Jersey Energy Link together will: LOWERING ENERGY PRICES Moves the cheapest and cleanest energy to where it is needed, when it is needed Minimizes energy peaks that cause high prices Works 100% of the time, even when the wind isn t blowing Reduce CO2 emissions by 8 million tons annually Equivalent to replacing 2-3 coal plants or removing 1.5 million cars off the road Extensive siting analysis will allow us to avoid the most environmentally sensitive areas All cable buried using cutting-edge drilling method, minimizing impact on sensitive coastal environments CREATING THOUSANDS OF JOBS Building just the NJEL will create 2,000 direct jobs As the platform for offshore wind, the NJEL will: Facilitate 10,000 20,000 jobs from offshore wind construction and manufacturing Pump $9 billion in New Jersey s economy Bolster state and local tax revenues by $2.2 billion Building offshore wind and offshore transmission will create high-tech, well-paying jobs across the board in the marine/building/construction trades ENABLES LARGE-SCALE OFFSHORE WIND DEVELOPMENT Reduces the cost of offshore wind development Allows offshore wind to be developed at scale to drive job creation Wind farms able to simply plug in to an offshore backbone, rather than building and permitting individual radial lines from each wind farm to shore 21

22 Building the New Jersey Energy Link Robert Mitchell, CEO (240)

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