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 Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill directs New Jersey to use funds from a settlement agreement with the Orsted energy company for canceled offshore wind projects to provide relief to electric public utility customers. Specifically, all unspent money received from this settlement must be transferred to the Board of Public Utilities (BPU). The BPU will then create rules and a timeline for how this money will be used to benefit ratepayers.
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