DAY 941
OWEDA established the standards for approval of an offshore wind project to receive OREC payments. By establishing a standard that requires a project to demonstrate that its benefits will exceed its costs (i.e., result in net benefits), New Jersey is positioned to make a rational and sound economic decision that will create jobs and make inroads toward building a New Jersey based offshore wind infrastructure. Proceeding with a project only if it demonstrates net benefits positions New Jersey to both capture an industry at its infancy in the United States and to do so in a manner that confers benefits to the State even as it allows for the first use of OREC payments to fund capital investment as electricity is generated.
Board Staff’s consultants Boston Pacific/Outsmart (“Boston Pacific”) agrees that FACW’s Application will bring net benefits to New Jersey. This confirms FACW’s finding and establishes irrefutably that the Project is good for New Jersey and meets the net benefit standard.
OWEDA established the standards for approval of an offshore wind project to receive OREC payments. By establishing a standard that requires a project to demonstrate that its benefits will exceed its costs (i.e., result in net benefits), New Jersey is positioned to make a rational and sound economic decision that will create jobs and make inroads toward building a New Jersey based offshore wind infrastructure. Proceeding with a project only if it demonstrates net benefits positions New Jersey to both capture an industry at its infancy in the United States and to do so in a manner that confers benefits to the State even as it allows for the first use of OREC payments to fund capital investment as electricity is generated.
Board Staff’s consultants Boston Pacific/Outsmart (“Boston Pacific”) agrees that FACW’s Application will bring net benefits to New Jersey. This confirms FACW’s finding and establishes irrefutably that the Project is good for New Jersey and meets the net benefit standard.