Transcript …Power from the Sea July 2008 Company Introduction Fishermen’s Energy Cape May, NJ www.fishermensenergy.com What is Fishermen’s Energy? Fishermen's Energy  A community-based offshore wind developer   Formed by.

…Power from the Sea
July 2008
Company Introduction
Fishermen’s Energy
Cape May, NJ
www.fishermensenergy.com
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What is Fishermen’s Energy?
Fishermen's Energy
 A community-based offshore wind developer
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Formed by principals of New Jersey (NJ) fishing companies
…to enable fishing industry to invest and participate in
offshore wind energy
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…presenting a constructive program for alternative
uses of waters off NJ that these companies have
fished for decades can develop, by using:
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Their capital base
Their physical assets
Their knowledge of the marine, sea-bottom environments
Their dedicated, skilled, and conscientious people
Their enduring local presence and deep ties to people,
community and government
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Why Offshore Wind?
Key is the region – Coastal Mid-Atlantic / New England:
 Limited onshore wind in harvestable sites
 Shallow water, sandy sea bottom suitable for technically
mature monopile foundations
 Strength, consistency, reduced wind shear of offshore vs.
onshore winds
 Proximity of offshore wind to load centers - onshore wind
from Mid-West and hydro from Canada are cheap, but
transmission is expensive and highly politicized
 Ecological considerations:
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Next generation offshore wind turbines will optimize wind potential
& consistency
No wetlands harm - No drainage or land erosion
No harm to surface or subsurface water
Potential for low human, avian, and marine impacts – if
deployed properly
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FISHERMEN’S ENERGY – The People
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Founders and Management
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Initial Fisherman Investors
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Daniel Cohen, President
Aviv Goldsmith, Chief Operating Officer
Andrew Gould, VP/Finance
Paul Gallagher, VP/General Counsel
Rhonda Jackson, Director - Communications
Jeff Reichle - Lund’s Fisheries, Inc.
Keith Laudeman – Cold Spring Fish & Supply Company
Rick Hoff – Dock Street Seafood
Daniel Cohen – Atlantic Capes Fisheries, Inc.
Barney & Martin Truex – Truex Enterprises, Inc. / Seawatch International
James Meyers, - Truex Enterprises, Inc.
John Larson – Viking Village
Kirk Larson – Viking Village
John Kelleher – Foxy Investments
Warren Alexander, Independence Fishing
Initial Investors represent key fishing companies – with total sales of
$400 million+ and facilities in Massachusetts, Rhode Island, New
Jersey, New York, Maryland, and Virginia
...People who earn their living from harvesting the sea
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Founding Investors are principals in:
www.atlanticcapes.com
www.lundsfish.com
www.vikingvillage.net
Cold Spring Fish & Supply Co.
Truex Enterprises
www.essf.com
www.seawatch.com
www.thelobsterhouse.com
Foxy Investments
Dock Street Seafood
Independence Fishing
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NJ Blue Ribbon Panel Report
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Governor Codey imposed a moratorium on NJ Offshore Wind
Applications and commissioned AWS Truewind Offshore Wind
Study and NJ Blue Ribbon Panel Offshore Wind Study (2004)
NJ Blue Ribbon Panel final report (April 22, 2006), concludes:
 Wind can help NJ meet its goal of 20% renewables by 2020
 No wind turbines have been built in U.S. coastal waters
 Environmental/Ecological Baseline Studies are needed
 Economic Impact Studies are needed
 Recommends Building a pilot offshore wind farm of up to
350 MW to determine the actual impacts
 Conduct 2-3 years of study to assess impacts of pilot
 Additional offshore wind projects subject to results of pilot
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NJ Board of Public Utilities
Solicitation for Offshore Wind
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NJ Board of Public Utilities (NJ BPU) issued a
solicitation for the development of an offshore
wind pilot project of up to 350 MW
In response to NJ BPU Solicitation, on March 3,
2008 Fishermen’s Energy proposed a two Phase
Project – a 20 MW pilot and 330 Utility scale
totaling 350MW of offshore wind energy
NJ Energy Master Plan being finalized in July 2008
will likely call for 3000 MW by 2020 from off-shore
NJ BPU should award pilot Solicitation soon
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FISHERMEN’S ENERGY –
New Jersey Proposal
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Includes a true “pilot project” – Phase 1 – exactly what the Blue Ribbon
Commission recommended – a “pilot project”
Realistically scaled to limits in availability of turbines and other hardware
Realistically scaled to state vs. federal permitting timetable
Realistically scaled to state of U.S. knowledge of offshore wind farms
Usefully employs the $19MM BPU subsidy – where it makes a difference
- $19M in a $100 M project – not a $ 1.3 Billion project
Physical design and turbine layout and siting compatible with all uses of
the seabed and water column;
Conventional technology will be utilized except to the extent that
alternatives such as “jacketed” foundations can be proven
Unique end-user customer relationships…
 ...that respond to the NJ BPU’s requirement that proposers find their own
offtakers, without a state mandated utility or NJ power-purchase agreement
 …that allow for a financeable Phase 1, in bankable manner
 …in a structure that enables low-cost US Department of Agriculture Rural
Utilities Service long-term financing, improving Phase 1 economics
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FISHEMEN’S ENERGY
New Jersey Proposal
A Project in two phases
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Phase 1:
 State waters east of
Atlantic City
 20 MW project –
2010 2011
completion
 8 – 2.5 MW marine
turbines on monopile
foundations
 Shoreside step-up
substation
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Phase 2:
 6 miles from the coast,
southeast of Atlantic City
 330 MW project, about
2014 completion
 66 – 5 MW marine
turbines on monopile
foundations
 Offshore step-up
substation, sharing
facilities with Phase 1 exlandfall
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NJ Phase 1 & 2 Project Site Locations
Contact us for more information for how
you can help build Fishermen’s Energy
for the benefit of the community……
…Power from the Sea
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