Urban Fold

Offshore Wind Proposal Doesn’t Pencil Out for New Jersey State Regulators

Hopes for New Jersey to be a national leader in offshore wind energy were dealt a setback when the state Board of Public Utilities rejected the financial plan of a 25-megawatt project proposed for a site three miles off the coast near Atlantic City.

James M. O’Neill reports on the latest setback for a project that would build a 25-megawatt wind farm three miles offshore from Atlantic City. New Jersey’s Board of Public Works unanimously rejected the financial plan for the project by Fishermen’s Energy, a Cape May-based group of commercial fishermen. The project’s financial plan “was based on an expectation of receiving about $100 million in federal grants and tax breaks. The group projected it could complete the project and recoup the cost of financing if it also received financial credits – called Offshore Wind Renewable Energy Certificates, or ORECs — from the state worth $199 for each megawatt hour of energy it produced.”

The board, however, “argued that without that $100 million, the project would need to receive ORECs from the state of $263 per megawatt hour to be viable.” At that price, “[the] project would therefore fail one of the basic tests for approval – providing net benefits to ratepayers.”

Full Story: N.J. rejects financial plan for offshore wind turbines

Comments

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
$24.95
building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
Book cover of Where Things Are from Near to Far

Where Things Are From Near to Far

This engaging children's book about planning illustrates that "every building has its place."
$19.95