New Jersey welcomes offshore wind projects
NEW JERSEY - New Jersey opened the window for applications to build what could be the nation's first offshore wind power projects.
There are currently no offshore wind projects in U.S. waters, but several companies in many states have been jockeying for years to be the first to build such a wind farm.
A few firms have already announced plans to build wind projects off the New Jersey coast, including Fishermen's Energy, Public Service Enterprise Group Inc and Deepwater Wind.
"The wind power movement is providing us with a unique opportunity to advance energy as industry," Gov. Chris Christie said in a statement.
"By doing so, we have the ability to leverage our tremendous resources with ground-breaking technologies, allowing New Jersey to increase its use of renewable energy sources while advancing an industry that will lead to long term job creation," Christie said.
The state Board of Public Utilities will accept applications from prospective developers until June 14.
To spur offshore development, the U.S. Department of the Interior issued a "call for nominations" for wind project leases off the Jersey coast.
The New Jersey governor last year signed the Offshore Wind Economic Development Act, which provides financial incentives and tax credits to businesses that construct manufacturing, assembly and water access facilities to support offshore wind projects.
The Act authorized the creation of an Offshore Wind Renewable Energy Certificate OREC program and rules that developers must follow to obtain approval and receive ORECs.
The state said it wants applicants to demonstrate financial integrity and sufficient access to capital to allow for a reasonable expectation of project completion.
Related News
Hydro One Q2 profit plunges 23% as electricity revenue falls, costs rise
TORONTO - Hydro One Ltd.'s (H.TO 0.25%) second-quarter profit fell by nearly 23 per cent from last year to $155 million as the electricity utility reported spending more on tree-trimming work due to milder temperatures that also saw customers using less power.
The Toronto-based company - which operates most of Ontario's power grid - says its net earnings attributable to shareholders dropped to 26 cents per share from 34 cents per share when Hydro One had $200 million in net income.
Adjusted net income was also 26 cents per share, down from 33 cents per diluted share in the second quarter of 2018.
Revenue was $1.41 billion, down from…
