Why We Just Sold Half of Our Stocks

We've already sold all or part of 52 different stocks this year - more than any other period in our firms' history. That's because there are five cracks forming below this market that threaten us with a widespread collapse. We could see the market tumble by 50% and unemployment will triple.

New Jersey offshore wind farm clears big federal hurdle amid environmental concerns

WAYNE PARRY
October 01, 2024

SEA GIRT, N.J. (AP) -- The federal government gave a key approval Tuesday to an offshore wind farm in New Jersey, even as residents in the town where its power cable would come ashore worry it could go through underground toxic waste that's still being cleaned up.

The U.S. Bureau of Ocean Energy Management approved Atlantic Shores' plan to construct and operate an energy facility, a major milestone in moving the project forward. The project still requires a review by the U.S. Army Corps of Engineers, and several state permits, the company said.

The project, consisting of two phases, would be built between Atlantic City and Long Beach Island in southern New Jersey. It would generate 2,800 megawatts from 197 turbines, enough to power 1 million homes.

"Atlantic Shores is thrilled to receive approval to build our first two projects and deliver sufficient clean power to serve one third of New Jersey households," said Joris Veldhoven, the company's CEO. "Securing these critical approvals enables New Jersey's first offshore wind project to start construction next year, and represents meaningful progress in New Jersey achieving 100% clean energy by 2035."

The federal government says the project would be about 8.7 miles (14 kilometers) from the shore at its closest point. But the company has previously said that it will not build right up to that line and that the closest turbines will be at least 12.8 miles (20 kilometers) from shore.

Atlantic Shores is a joint partnership between Shell New Energies US LLC and EDF-RE Offshore Development LLC.

"Responsibly developed offshore wind is a critical component in a clean energy future, which will fight climate change, create union jobs and improve the air quality in overburdened communities," said Ed Potosnak, executive director of the New Jersey League of Conservation Voters.

Offshore wind foes, who are particularly vocal and well-organized in New Jersey, vowed to try to keep the project from ever being built.

"We understand this development would be devastating for the marine and coastal habitats, and it would destroy the Jersey Shore as we know it," said Robin Shaffer, president of Protect Our Coast NJ.

BOEM said the power cables for the project will "potentially" come ashore in Atlantic City and Sea Girt.

That possibility has angered residents of Sea Girt, a wealthy Jersey Shore community about seven miles (11 kilometers) south of Asbury Park, due to concerns that its route would run through two federal Superfund sites where underground toxic contamination from former dry cleaning operations is still being cleaned up.

The route proposed through Sea Girt would likely take the cable through contamination at the former White Swan and Sun cleaners sites in neighboring Wall Township where chemicals leached into the soil and contaminated underground water in a wide area including Sea Girt. More than 300 dump truck loads of contaminated soil have been removed from the site, and a ground water treatment system has been designed that will operate for at least 30 years.

Kimberly Paterson is a leader of a Sea Girt-based residents group opposing the cable landing project; it takes no position on offshore wind energy itself.

"It's just common sense that when you have a Superfund site still in remediation and the ground water is still contaminated, you shouldn't be messing around there," she said. "When you start digging, you stand a very good chance of disturbing this plume of contamination. It seems to be all risk and no reward."

Elias Rodriguez, a spokesman for the U.S. Environmental Protection Agency, which administers the federal Superfund cleanup projects, said the agency is aware of concerns about the sites.

"We understand that the public believes there could be risks associated with running electric cables through areas with site-related groundwater contamination," he said. "EPA will work with the (New Jersey Department of Environmental Protection) to make sure relevant officials are aware of these concerns. EPA will continue to take appropriate steps to ensure that the ongoing cleanup is protected."

The New Jersey Board of Public Utilities does not plan to authorize a specific route for the cable to connect with the power grid about 9 miles west in Howell Township. It said that decision is for the company eventually chosen to build the project, in consultation with local governments.

But New Jersey passed a law in 2021 stripping local governments of most control over where and how power lines from offshore wind energy projects come ashore.

"Should the site become a part of the future (cable route project), all federally-mandated site remediation measures will be followed," the board said in a statement.

___

Follow Wayne Parry on X at www.twitter.com/WayneParryAC

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