Rate Counsel Suggests NJ Slow Down the Pace of Offshore Wind Development

December 15, 2022 | njspotlightnews.org

As state goals for offshore wind continue to increase, so do the costs. Some say economic and financial uncertainties will be less costly in a year or two.

Offshore wind farms in New Jersey should consider scaling back how much new offshore wind capacity is approved next year because economic and financial uncertainties could lead to higher prices, according to the Division of Rate Counsel.

NJ SEED: Two related items from a few weeks ago raised similar concerns. (https://www.njspotlightnews.org/2022/11/nj-clean-energy-offshore-wind-power-fiscal-challenges-nj-murphy-goal/ and https://www.njspotlightnews.org/2022/11/pseg-reconsiders-offshore-wind-farm-investment-orsted-economic-headwinds/) As the actual costs of the Murphy Administration’s Energy Master Plan continue to trickle out rosy rhetoric comes face to face with reality.