The New Jersey Board of Public Utilities announced approval February 28 of an Order that implements Governor Murphy’s Executive Order No. 8, which calls for the full implementation of the state’s Offshore Wind Economic Development Act (OWEDA) and to begin moving the state toward a solicitation of 1,100 megawatts of offshore wind energy capacity.
Board staff are being asked to 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. The goal of the plan is to ensure competition, competitive pricing, net economic benefits, and the best value for New Jersey ratepayers.
The Board is also directing staff to initiate the rulemaking process to establish the funding mechanism for Offshore Wind Renewable Energy Certificates (ORECs). As part of this process staff will consult with key stakeholders on the minimum requirements of the OREC funding mechanism in compliance with OWEDA and BPU rules.