Orsted, which has state approval for two offshore wind projects off the southern coast of New Jersey, denied the bill would increase costs for customers. Bob Smith, a Democrat from Middlesex County. The federal 2022 Inflation Reduction Act is “designed to further spur investment in the American clean energy economy in the face of continuing macroeconomic challenges,” according to the bill, which was sponsored by Sen. Amendments to the bill require Orsted to post a $200 million guarantee with the state, and prepare a report on the financial viability, possible environmental impacts and likelihood of finishing the project on time. New Jersey lawmakers are considering letting Danish offshore wind developer Orsted keep tax credits that it otherwise would have to return to ratepayers.Ī state Senate committee approved a bill Tuesday that would allow Orsted to keep federal tax credits to help counter what they termed lingering economic effects from the COVID-19 pandemic and elevated inflation. A final vote on the bill could come on Friday.
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