CSG Law Alert: Biden Administration Blows More Fresh Air Into NJ's Offshore Wind Program
On Monday, March 29th, the Biden administration announced a plan that would greatly expand the use of offshore wind power along much of the East Coast. The plan would designate an area between Long Island and New Jersey as a priority offshore wind zone. The plan further sets a nationwide goal of installing 30,000 megawatts of offshore and wind turbines in coastal waters by 2030. If successful, that amount of clean energy will be enough to power 10 million homes.
In order to meet that goal, the Biden plan would seek to accelerate permitting for wind projects off the Atlantic coast, as well as offer $3 billion in federal loan guarantees. Consistent with the administration’s focus on improving infrastructure, the plan also includes upgrading the nation’s ports to support wind construction. The Biden administration’s announcement dovetails with Governor Murphy’s goal of supplying 7,500 megawatts of offshore wind energy to the State by 2030. The Biden administration proposal will also enhance the $200 million that Governor Murphy included in the State’s budget for the construction of an offshore wind port in Salem County.
This combination blows a much-needed breath of fresh air into an industry that has been struggling to set sail in the State.
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