Not to be left out following recent similar actions by New York and Massachusetts, on September 17, 2018, New Jersey’s Board of Public Utilities (BPU) unanimously approved an order (the Order) opening an application window for up to 1,100 MW of offshore wind capacity —hailed as the largest single-state solicitation to date—as the first step in the state goal of 3,500 MW by 2030 previously announced by New Jersey Governor Phil Murphy.
The application window is open from September 20, 2018 until December 28, 2018.
The Order includes related guidance that is intended to assist developers in calculating net economic benefits for any proposed project, the formats for applications, the related evaluation criteria and the solicitation schedule.
In a potentially significant departure from approaches taken by other states, the Order establishes an “OREC Funding Mechanism” that will be used as the primary means of financing successful projects.
Recently, Governor Murphy also called on the BPU to open two additional solicitations of 1,200 MW in both 2020 and 2022.