The New Jersey Board of Public Utilities (NJBPU) held this week a public hearing to obtain feedback from the public and stakeholders regarding the Offshore Wind Renewable Energy Certificate (OREC) Funding Mechanism rulemaking.
The board has not yet made an official public proposal for the funding mechanism. The hearing covered a “straw proposal” issued by the board. In its announcement of the public hearing, NJBPU listed 17 topics to be included for comment, primarily related to how electric utilities will handle OREC payments from ratepayers to offshore wind developers.
“The NJBPU continues to make progress in implementing Governor Murphy’s Executive Order 8,” NJBPU President Joseph L. Fiordaliso said. “I look forward to continuing these efforts and to working with BPU staff and the Governor to bring the benefits of offshore wind to New Jersey.”
Gov. Phil Murphy signed Executive Order No. 8 (EO8) on Jan. 31, directing the NJBPU, in collaboration with other state agencies, to implement the Offshore Wind Economic Development Act (OWEDA).
On Feb. 28, the NJBPU Board directed Board staff to begin the OREC Funding Mechanism rulemaking process.
NJBPU noted that it will hold further public hearings on other topics related to Offshore Wind (OSW) development. The rule proposal will be released for further comment prior to any formal adoption.
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