New Jersey governor Chris Christie chose not to sign Senate Bill S-2711, which would have instructed the New Jersey Board of Public Utilities (BPU) to open a new window for applications for small offshore wind projects off the coast of Atlantic City.
The bill, which got the green light from the New Jersey’s Senate at the beginning of this month, would have allowed Fishermen’s Energy to go forward with its 25MW offshore wind farm, earlier deemed too expensive and non-viable by the BPU.
After the BPU had rejected the proposed project, Fishermen’s Energy modified its project proposal , saying it will use Siemens 4MW turbines and traditional sources of project financing. The project now has a $50 million funding agreement in place with the US Department of Energy and qualifies for the 30% Investment Tax Credit signed into law late last year, Fishermen’s Energy said.
Paul Gallagher , COO of Fishermen’s Energy, stated: “This legislation was an expression of frustration by the Legislature. Even without this legislation being enacted, the BPU remains authorized by its own rules to open a window, accept a new application, and otherwise implement OWEDA [Offshore Wind Economic Development Act] .”
Chris Wissemann , CEO of Fishermen’s Energy said: “Now that the legislation is no longer clouding the BPU’s authority, we expect that the administration will support the BPU opening up a new window to accept an application to factually determine if offshore wind works for New Jersey especially now that the project brings more than $100 million in Federal funding and more than 500 jobs to New Jersey.”
Gallagher concluded: “With the Federal funding in place the project can produce power at a much lower price. Coupled with Siemens turbines and traditional financing, the project can address the BPU’s other stated concerns. It is worth a second look.”