Subsidies derived from New Jersey customer electric bill increases to be used to attract offshore wi

In an effort to encourage development and investment in offshore wind projects, the New Jersey Board of Public Utilities released a draft rule, which would add a surcharge to customers’ electric bills. The draft rule establishes “offshore wind energy certificates (ORECs), which are the subsidies that utilities and their customers will pay for energy produced by zero-emission turbines miles off of [the NJ] coast.” The exact amount customers will pay is not indicated in the draft rule, as it depends on several variables such as “distance from land and electric generation potential.” The subsidies generated are intended to allow developers to recoup their investment over 20 years.

https://www.app.com/story/money/business/consumer/2018/08/16/offshore-wind-nj-subsidies-rules/959809002/