New Jersey BPU proposes creation of funding for an Offshore Wind Energy Certificate
The New Jersey Board of Public Utilities (NJBPU) proposed a rule Wednesday that would create a funding mechanism for offshore wind.
The Offshore Wind Energy Certificate (OREC) would establish the processes for how an offshore wind project receives funds and how revenues the project earns return to ratepayers. The rule also describes the roles and responsibilities of all parties in the offshore wind development process.
“Today, the Board has taken this critical step toward setting up a funding mechanism so that the state can fully tap into an increasingly important form of clean and renewable energy,” NJBPU President Joseph L. Fiordaliso said.
The proposal will support the state’s immediate target of 1,100 megawatts (MW) of offshore wind capacity and a long-term goal of 3,500 MW.
“There has been more activity in the first six months of this administration when it comes to achieving our offshore wind goals than there was in the eight years since the signing of the Offshore Wind Economic Development Act,” Gov. Phil Murphy said. “We know we must act swiftly to achieve our goals and build a strong offshore wind industry here in New Jersey. This action by the Board today shows we are truly all-in on offshore wind.”
