When Mayor Michael R. Bloomberg dreamed out loud last week about a New York skyline filled with wind turbines, one of the most serious issues raised by the naysayers was that the wind does not always blow when you need it. But a New Jersey company plans to announce on Tuesday that it is working on a solution to this perennial problem with wind power: using wind turbines to produce compressed air that can be stored underground or in tanks and released later to power generators during peak hours. The company, Public Service Enterprise Group Global LLC, a subsidiary of P.S.E.G. Energy Holdings, is forming a joint venture with Michael Nakhamkin, a leader in the development of energy storage technology. The new company, Energy Storage and Power, will promote the use of compressed air storage technology to utilities and other power producers. (P.S.E.G. Global is the sister company of Public Service Electric and Gas Company, New Jersey's largest power distributor, which has 2.2 million customers.) The technology has been around for decades, though the only major plant in the United States opened in Alabama in 1991. Another plant was built in Germany in the 1970s. But compressed air storage is getting a fresh look because so many windmills have been built across the country in recent years, and energy producers are increasingly looking for ways to avoid building power plants that rely on expensive oil and natural gas. Dr. Nakhamkin, who worked on the plant in Alabama, has developed new technology that reduces the startup time for generators powered by compressed air and cuts the amount of emissions they produce. The new facilities would also use more standard components, which would make the plants cheaper to build, depending on how much mining is required to create an underground reservoir. "This is a game-changing technology,' said Stephen C. Byrd, the president of P.S.E.G. Energy Holdings, which will invest $20 million over three years. "There is a desire for energy independence, and this will reduce the need for oil and natural gas.' The venture has met with utilities that might buy the storage technology. Compressed air can be produced by a variety of fuels. But the new venture hopes to put wind power generated during off-peak hours to use during peak hours