June 28, 2023 — Ørsted’s bid to obtain lucrative federal tax credits to fend off mounting challenges in building New Jersey’s first offshore wind farm moved forward under legislation approved by lawmakers Tuesday as they cleared bills ahead of this week’s deadline for a new state budget.
But the bill was amended by a Senate committee, requiring its Assembly counterpart to go along with the changes at another meeting planned for Wednesday. The imminent passage was hailed early Tuesday evening by Tim Sullivan, CEO of the Economic Development Authority, who called the offshore-wind sector the biggest single net economic opportunity in New Jersey.
After a six-hour meeting, the Senate Budget and Appropriations Committee voted out an amended version of the bill despite criticism that it would end up boosting the Danish energy company’s profits at the expense of utility customers.