New Jersey's Offshore Wind Economic Development Act

On August 19, 2010, New Jersey Gov. Chris Christie signed the "Offshore Wind Economic Development Act" (the "Act") into law. The Act amends and supplements the "Electric Discount and Energy Competition Act" (P.L.1999) by creating an offshore renewable energy certificate program and authorizing the New Jersey Economic Development Authority (the "EDA") to provide guaranteed income to offshore wind energy facilities.

Highlights

• Mandates the state Board of Public Utilities ("BPU") to establish an "offshore wind renewable energy certificate" or "OREC" program, requiring that a percentage of the kilowatt hours sold in New Jersey by each electric power supplier and each basic generation service provider derive from offshore wind energy in the Atlantic Ocean.