New Jersey seeks bids for 1.1GW offshore wind projects
The 1,100 MW is the nation’s largest single-state solicitation of offshore wind to date and is the first step in meeting the state’s goal of 3,500 MW of offshore wind by 2030.
The vote occurred just days after Governor Phil Murphy called on the Board to open two additional 1,200 MW solicitations of offshore wind capacity—one in 2020 and another in 2022. These actions mark a significant leap forward in achieving the Governor’s vision to transform New Jersey into a 100-percent clean energy state by 2050.
The Board’s action will allow developers seeking to build offshore wind facilities in federal waters to submit applications for approval.
The application window begins on September 20, 2018 and closes on December 28, 2018.
The Board intends to act on the applications by July 1, 2019, which should provide sufficient time for developers to qualify for federal investment tax credits that expire at the end of next year. These credits could save New Jersey ratepayers approximately 12 percent of the total project cost.
The NJBPU will issue a Guidance Document as part of the release of the Board Order that helps developers calculate net economic benefits.
The Guidance Document also provides the formats to be used for submittal of the information required under the Offshore Wind Economic Development Act (OWEDA), as well as the evaluation criteria and the solicitation schedule. The timeline provides key dates including the Technical Bidder’s Conference and meetings with Rate Counsel and NJBPU Staff. ■