The New Jersey Board of Public Utilities on Monday formally requested applications from suppliers of 1,100 megawatts of offshore wind-power capacity, advancing Gov. Murphy's promise to restart the market for the renewable energy source.
The BPU's action sets a Dec. 28 deadline for developers to submit applications to build offshore wind facilities in federal waters. The board aims to act on the applications by July 1, which should provide sufficient time for developers to qualify for federal investment tax credits that expire at the end of next year.
The successful bidders will receive green-energy subsidies, paid by New Jersey electricity customers, that will cover the higher cost of producing offshore wind power.
The solicitation is the first of three to meet Murphy's goal of 3,500 MW of offshore wind by 2030. Since assuming office in January, Murphy has vowed to carry out New Jersey's Offshore Wind Economic Development Act of 2010, which stalled under former Gov. Chris Christie, who feared offshore wind projects would drive up consumer energy costs.