The New Jersey Board of Public Utilities has approved an order that implements Governor Phil Murphy’s executive order which calls for the full implementation of the Offshore Wind Economic Development Act (OWEDA) and to begin moving the state toward a solicitation of 1,100 megawatts of offshore wind energy capacity.
NJBPU will establish an interagency Offshore Wind Task Force with the state Department of Environmental Protection and other applicable state agencies to develop a strategic plan to implement the executive order.
It will also initiate the rulemaking process to establish the funding mechanism for Offshore Wind Renewable Energy Certificates (ORECs).
As part of this process, NJBPU will consult with key stakeholders on the minimum requirements of the OREC funding mechanism in compliance with OWEDA and BPU rules.
“Governor Murphy recognizes that New Jersey has a moral obligation to combat climate change. BPU will play a critical role in this effort as we help New Jersey move toward a cleaner and greener energy state, beginning with our action today to implement EO 8,” said NJBPU President Joseph L. Fiordaliso .
“The benefits of offshore wind extend far beyond the environment. Offshore wind is an increasingly cost-effective form of renewable energy that will stabilize energy prices, bring jobs to New Jersey, and ultimately lower the cost of electricity for New Jersey ratepayers.”
NJBPU will also prepare for the solicitation of the initial 1,100MW goal of offshore wind capacity and will engage offshore wind developers and stakeholders in defining minimum requirements for the solicitation.
Lastly, NJBPU will prepare plans for a Regional Offshore Wind Energy Roundtable to initiate discussions with other states in the Northeast and Mid-Atlantic region and other stakeholders such as Rate Counsel and PJM Independent System Operator to explore the potential benefits of regional offshore wind collaboration.