Getting millions of dollars from Orsted is no sure thing
New Jersey Gov. Phil Murphy speaks to reporters after signing a bill in Paulsboro, N.J., Thursday, July 6, 2023, granting a tax break to offshore wind energy developer Orsted. | APNew Jersey Gov. Phil Murphy’s administration is claiming victory in defeat after a Danish energy companyon two major offshore wind projects in the state, the cornerstone of the Democratic governor’s clean energy agenda.
The money was one of the key things lawmakers and Murphy’s administration obtained earlier this year before they would approve a law attempting to save one of the two Orsted projects, known as Ocean Wind 1, from financial uncertainty. That law allows Orsted to keep hundreds of millions of dollars in federal tax incentives that the company otherwise would be required to pass along to state utility customers.
Now that Orsted has canceled the project, it is citing well-known commercial challenges to the project and also a little-known permitting problem it said it ran into this fall. In a document for investors, the company said it had to change assumptions about the “The company told POLITICO that one of the issues was a federal air quality permit that was determined by the Environmental Protection Agency to be incomplete.
While Murphy and his allies have been touting their ability to keep all that money, they have also hinted at potential conflict with Orsted. In a statement calling Orsted’s decision to abandon the state “outrageous,” Murphy also said officials would “take all necessary steps to ensure that Orsted fully and immediately honors its obligations” to pay $300 million.wrote on X,
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