Sponsored by:
Senator CARMEN F. AMATO, JR.
District 9 (Ocean)
SYNOPSIS
Requires offshore wind project escrow funds to be remitted to BPU for certain energy production.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning offshore wind project escrow funds.
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 uncommitted funds received by the State from the May 25, 2024 settlement agreement with Orsted, shall be appropriated to the board, subject to the approval of the Director of the Division of Budget and Accounting. The board shall solely use such funds towards the incentivization of non-intermittent energy generation in the State, including but not limited to nuclear energy.
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.
2. This act shall take effect immediately.
STATEMENT
This bill requires the State to appropriate, subject to the approval of the Director of the Division of Budget and Accounting, all uncommitted funds received by the State from the May 25, 2024 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 the appropriated funds towards the incentivization of non-intermittent energy generation in the State, including but not limited to nuclear energy.
It is the sponsor’s belief that New Jersey families are being affected by rising energy bills and a growing affordability crisis, and that these funds should be redirected to reliable, around-the-clock energy production to strengthen the grid and protect ratepayers from further cost increases.