Stockton University is today playing host to a forum to discuss how New Jersey can benefit from expanding offshore wind industry on the U.S. East Coast.
The Offshore Wind Energy Forum kicks off after the U.S. Bureau of Ocean Energy Management’s (BOEM) federal sale last November of two leases for offshore wind energy development of 344,000 acres off the Jersey Shore.
The winning bidders, RES Americas and US Wind Inc., spent nearly USD 2 million to obtain the leases, and as local wind developer, Fishermen’s Energy has continued efforts to construct a 5-turbine wind farm off the coast of Atlantic City in state waters.
“New Jersey has tremendous offshore wind potential, and this forum provides an important opportunity to learn more about recent and upcoming efforts supporting responsible offshore wind energy development,” said BOEM Deputy Director Walter Cruickshank.
Development plans for each offshore wind developer will be in the spotlight, with officials from the three aforementioned companies featuring as the panelists, along with BOEM Deputy Director Walter Cruickshank, as well as a representative from New Jersey’s 2nd Legislative District.
The forum will also look into the potential economic market created for the industry through the introduction of an offshore wind renewable energy credit (OREC) system.
The Board of Public Utilities has consistently delayed implementing the OREC program and the latest update to the state Energy Master Plan downplayed the importance of offshore wind in meeting New Jersey’s renewable energy benchmarks, Environment New Jersey Research and Policy Center said in a statement. Offshore wind is said to be one of the key components to meeting the state’s renewable portfolio standard requirement of generating 22.5% renewable energy by 2021.
The omnibus budget bill which passed U.S. Congress and was signed into law by President Obama in December 2015 included an unexpected boon for the clean energy industry, with the five-year extension of a key clean energy tax credit for the wind industry, the production tax credit (PTC), as well as the investment tax credit (ITC). The PTC expired at the end of 2014, and now will be extended through the end of 2020. The ITC was slated to expire at the end of 2016, and will now be extended through 2022.
“We can, in New Jersey, seize energy opportunities and at the same time improve our environment and create jobs. We now need to do what is necessary to create the incentives to continue investment in renewables,” said Senator Cory Booker (D-NJ) in a prepared video for the forum.
“New Jersey is a prime example how we as a nation can innovate and take advantage of all the great natural resources we have that are renewable like wind and solar. We should be welcoming offshore wind projects that provide clean, affordable, sustainable energy and power to our state.”
The Offshore Wind Energy Forum is co-sponsored by Environment New Jersey Research and Policy Center, the Stockton University Sustainability Trust and the Business Network for Offshore Wind.