June 29, 2023 — Legislation to direct federal tax credits to wind developer Ørsted appears on track to win approval as part of New Jersey’s $53 billion state budget plan this week.
The measures could steer billions of dollars in federal tax credits to Ørsted, relieving mounting cost pressures on the company’s plans for the Ocean Wind 1 array of 100 turbines, which would be New Jersey’s first utility-scale wind power development. It’s a centerpiece of Democratic Gov. Phil Murphy’s plan to shift New Jersey toward low-emissions energy sources by the 2030s.
Debate on bills in the state capitol Trenton centered on support for the Murphy administration’s goals for shifting away from fossil fuel energy, and objections from Jersey Shore community activists who say industrial development just offshore threatens their fishing and tourism industries.
“We rely on commercial fishing, we rely on tourism to literally buoy our economy,” said Kristen O’Rourke, the quality of life director for Point Pleasant Beach, N.J.