New JerseyState would support steady power with wind settlement money if approved
If the budget director approves, New Jersey would send uncommitted money from a settlement over canceled offshore wind projects to its utility board to support steady power production.
What it does
If the budget director approves, the state would send all uncommitted 2024 Orsted settlement money to its utility board. The board would use it only to encourage steady power production in New Jersey.
Argument forIf approved, the money could help power producers develop electricity sources that can keep running when wind output falls.
Argument againstIf approved, this restriction could keep the board from using the settlement money to support power sources that produce electricity less steadily.
More detail
The state would send the money to the New Jersey Board of Public Utilities. This covers all money the state received but has not committed from its May 25, 2024, settlement with Orsted. The state's budget director must approve the transfer. The board must use the money only to encourage steady power production in New Jersey, including nuclear power. These rules would take effect as soon as the bill becomes law.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 5Introduced in the Senate, Referred to Senate Environment and Energy CommitteeIntroduced
Environment & EnergyTaxes & Budget