Sponsored by:
Senator CARMEN F. AMATO, JR.
District 9 (Ocean)
Co-Sponsored by:
Senator Tiver
SYNOPSIS
Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning ratepayer relief for electric public utility customers.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. As used in this section:
“Board” means the New Jersey Board of Public Utilities or any successor agency.
“Electric public utility” means a public utility, as that term is defined pursuant to R.S.48:2-13, that transmits and distributes electricity to end users in the State.
“Orsted” means Ørsted A/S, Orsted North America Inc., Orsted Wind Power North America LLC, Ocean Wind LLC, and Ocean Wind II, LLC.
b. Notwithstanding any law, rule, regulation, order, or agreement to the contrary, all unexpended, unencumbered, or unobligated funds received by the State from the settlement agreement with Orsted entered into as of May 25, 2024, shall be appropriated to the Board of Public Utilities. The board shall use such funds to provide ratepayer relief to electric public utility customers.
c. The board shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations to implement the provisions of this section by, at a minimum, establishing a timeline by which, and the form and manner in which, the board shall administer ratepayer relief to electric public utility customers pursuant to this section.
2. This act shall take effect immediately.
STATEMENT
This bill requires the State to appropriate all unexpended, unencumbered, or unobligated funds received by the State from the settlement agreement with Orsted for certain canceled offshore wind projects to the Board of Public Utilities (board). Under the bill, the board is required to use these funds to provide ratepayer relief to electric public utility customers in a form and manner, and by a certain timeline, to be determined by the board through the rulemaking process.