New Jersey S1986 prohibits the Board of Public Utilities from requiring ratepayers to pay costs associated with subsidies for offshore wind projects.

New Jersey S1986 amends the "Offshore Wind Economic Development Act" to prevent the Board of Public Utilities (BPU) from imposing any costs related to subsidies for qualified offshore wind projects on ratepayers. This includes prohibiting the imposition of an Offshore Wind Renewable Energy Certificate (OREC) surcharge or any similar fee intended to recover the costs of the subsidy. The bill ensures that ratepayers are held harmless for any cost overruns associated with the project and that the projected electrical output and anticipated market prices are considered.

New Jersey S1986 prohibits the Board of Public Utilities from requiring ratepayers to pay costs associated with subsidies for offshore wind projects.

New Jersey S1986 amends the "Offshore Wind Economic Development Act" to prevent the Board of Public Utilities (BPU) from imposing any costs related to subsidies for qualified offshore wind projects on ratepayers. This includes prohibiting the imposition of an Offshore Wind Renewable Energy Certificate (OREC) surcharge or any similar fee intended to recover the costs of the subsidy. The bill ensures that ratepayers are held harmless for any cost overruns associated with the project and that the projected electrical output and anticipated market prices are considered.