New Jersey lawmakers are considering letting Danish offshore wind developer Orsted keep tax credits that it otherwise would have to return to ratepayers.
Orsted, which has state approval for two offshore wind projects off the southern coast of New Jersey, denied the bill would increase costs for customers.
“This is a gut-check moment,” said Tim Sullivan, CEO of the New Jersey Economic Development Authority. “Does New Jersey want to lead or be left out of the jobs and economic development? Other states want this just as badly as we do, if not worse. We have it within our grasp to be a leader.” “Why would you give this money to Orsted when they already signed a contract and that money is obligated to go to ratepayers?” added Mike Dean, an offshore wind opponent.
Earlier this month, a think tank established by former state Senate President Steve Sweeney cautioned that offshore wind projects could be delayed by the rising costs of building the foundations for offshore wind turbines.
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