Market Overview

Atlantic City-Based Nautilus Offshore Wind Project Under Official Review by the New Jersey Board of Public Utilities (BPU)

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Nautilus would prepare New Jersey to take the lead in cultivating
offshore wind talent, as states race to capitalize on this new economy

The New Jersey Board of Public Utilities today announced its official
acceptance of the application tendered by EDF
Renewables
and Fishermen's Energy for the Nautilus
Offshore Wind
project. The agency is expected to review the project
over the next few months and make a decision on whether to approve the
project for immediate construction, which will be located approximately
2.8 miles east of the coastline of Atlantic City and could be complete
as soon as 2020. The small-scale project, expected to be comprised of
three wind turbines with a combined capacity of up to 25 megawatts (MW),
is a crucial first step towards implementing the Offshore Wind Economic
Development Act (OWEDA) and building a workforce capable of meeting
Governor Phil Murphy's statewide goal of 3,500 MW of offshore wind
generation by 2030.

The Project is expected to employ the equivalent of 600 workers for a
year during construction as well as additional jobs during operations
and maintenance. New Jersey residents across the state could expect to
begin receiving power generated by the Nautilus Offshore Wind project as
early as 2021. It's estimated that for the average New Jersey electric
consumer, the additional cost of power will amount to about $1.76 per
year, which is less than the price of a cup of coffee. In return, an
independent analysis showed that Nautilus is expected to increase New
Jersey's total economic output by $150 million with construction by
2020. Maintaining the offshore wind project could add $16 million
annually for the state, with a projected economic and environmental net
benefit of $235 million.

"Our purpose with Nautilus is not just to deliver offshore wind power,
but to leverage this initial build to help the New Jersey workforce
quickly gain deep expertise in offshore wind in comparison with other
states," said Doug Copeland, EDF Renewables regional project manager.
"With offshore wind poised to become one of the nation's fastest growing
production sectors, there is a real opportunity for New Jersey to lead
the country in implementing future commercial scale projects faster and
more cost effectively – all with a minimal impact on the ocean
environment."

A number of New Jersey economic organizations and political officials
have already voiced support for the project.

"Nautilus will make it possible for Atlantic City to become the birth
place of an emerging industry, creating new jobs and sustainable
economic growth," said New Jersey Assemblyman Vince Mazzeo. "When
approved, the project will be the start of an energy transformation that
will allow for a brighter and cleaner future here in Atlantic City, in
Atlantic County and across the state."

"A myriad of benefits will be realized through the experience gained in
implementing the Nautilus Offshore project," said Philip K. Beachem,
president of the New Jersey Alliance for Action
. "We welcome clean
energy investments such as this, that have the potential to bolster
economic growth across the state."

"Nautilus is poised to create hundreds of new jobs in the short term, as
well as lay the foundation for future employment growth throughout the
region. The Keystone+Mountain+Lakes Regional Council of Carpenters looks
forward to expanding its clean energy workforce that will be equipped to
expand New Jersey's economy," said William Sproule, assistant
executive secretary treasurer of the Keystone+Mountain+Lakes Regional
Council of Carpenters
.

Liz Burdock, president and CEO of the Business Network for Offshore
Wind
, added, "The Nautilus Offshore project is a perfect
example of how states can quickly kick off the build of their offshore
wind economies. Along our U.S. coastline, offshore wind provides us with
the power to create unparalleled job and economic growth."

EDF Renewables plays a leading role in offshore wind energy, having
gained several years of experience with a strong portfolio of offshore
wind projects in development throughout Europe totaling almost 2
gigawatts (GW), including three projects along the French coastline with
1.5 GW in total capacity, and a 450 MW offshore wind project in the UK.
EDF Renewables already operates more than 800 MW of offshore wind
capacity with three projects: C-Power (325 MW) in Belgium, Teesside (62
MW) and Blyth (41.5 MW) in the UK, and the operations and maintenance of
400 MW of offshore wind capacity with the recent acquisition of a
company specialized in this activity based out of Germany.

About EDF Renewables:

EDF Renewables North America is a market leading independent power
producer and service provider with over 30 years of expertise in
renewable energy. The Company delivers grid-scale power: wind (onshore
and offshore), solar photovoltaic, and storage projects; distributed
solutions: solar, solar+storage, EV charging, and energy management; and
asset optimization: technical, operational, and commercial skills to
maximize performance of generating projects. EDF Renewables' North
American portfolio consists of 10 GW of developed projects and 10 GW
under service contracts. EDF Renewables is a subsidiary of EDF Energies
Nouvelles, the dedicated renewable energy affiliate of the EDF Group.

For more information visit: www.edf-re.com

About Fishermen's Energy:

Fishermen's Energy is a developer of offshore wind energy projects,
founded by New Jersey commercial fishermen to respond to the public's
need to develop the ocean for renewable wind energy. Fishermen's goal is
to turn Atlantic coastal waters into an unmatched source of clean
energy, while maintaining a vibrant commercial fishing industry.
Fishermen's Energy has partnered with experienced professionals in the
renewable energy and the offshore wind business community to propose,
plan, and build responsible projects to serve the public's need for safe
renewable energy. Fishermen's Energy intends to harvest the wind and the
sea, side by side, in an environmentally responsible and sustainable
manner.

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