The law allows Ørsted, the developer of Ocean Wind 1 off the coast of Atlantic City, tothat would have otherwise gone to ratepayers. Murphy said the move is needed not only to to help rescue the project but the state’s budding offshore wind industry and keep jobs from going elsewhere. Opponents decry it as a giveaway to a foreign company that will lead to higher energy bills.
Spokespeople for Murphy’s office, state Senate Democrats, and state Assembly Democrats declined to comment Friday. The law will steer the credits to Ørsted to help construct Ocean Wind 1, which will include up to 98 turbines that will power more than 380,000 homes.run on 100% clean energy by 2035 But opponents noted Ørsted had agreed to ultimately return these tax credits to ratepayers to help offset the cost of wind farm construction.
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