Democrats from New Jersey's congressional delegation are prodding the Christie administration to finalize a key funding mechanism for offshore wind energy projects in light of an impending federal auction to sell lease rights for wind farms off the New Jersey coast.
In 2010, Governor Christie signed legislation designed to make New Jersey a leader in offshore wind energy. The bill directed the state Board of Public Utilities to develop a plan that would ensure that offshore wind farms had a buyer for the electricity they produced. It also guaranteed a purchase price that would help cover the upfront costs of building the wind farms while not being too expensive for the state's ratepayers. But five years later, the BPU has yet to finalize the mechanism.
October 29, 2020