NJ - State Releases Offshore Wind Strategic Plan
The New Jersey Board of Public Utilities approved and published online the New Jersey Offshore Wind Strategic Plan on Sept. 9.
The 500-plus-page document is the state’s comprehensive map for achieving 7,500 megawatts of offshore wind energy by 2035. It makes recommendations on establishing an offshore wind industry that achieves net economic benefits while also protecting the environment, commercial and recreational fishing interests, and mitigating the impacts of climate change.
While developing the state’s offshore wind resources, the state Department of Environmental Protection is tasked with identifying and prioritizing the research and monitoring the industry with ongoing habitat surveys as well as fish and wildlife studies.
Chief to the success of the industry is the offshore wind renewable energy certificate (OREC) funding mechanism, the method by which New Jersey ratepayers will fund offshore wind projects and how revenues from these projects will be refunded and delivered to ratepayers. OREC funding mechanism rules mandate that the OREC price reflect the total capital and operating costs for an offshore wind project, offset by any state or federal tax or production credits and any other subsidies or grants, as approved by the board.
The strategic plan was developed by Ramboll U.S. Corp. with extensive public stakeholder input.