Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill directs New Jersey to use funds from a settlement agreement with the Orsted energy company to provide relief to electric public utility customers. Specifically, all unspent money received from the settlement – related to canceled offshore wind projects – must be transferred to the Board of Public Utilities (BPU). The BPU will then determine how to best distribute these funds to help customers facing electric utility costs.
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