Today, on the two-year anniversary of Orsted pulling out of their New Jersey offshore wind project, Senator Carmen Amato, Jr. (R-09) released the following statement announcing his intention to introduce legislation that would require all $131 million that is sitting in state coffers be immediately used to provide rate relief for New Jerseyans struggling with skyrocketing energy bills which are a result of failed Trenton policies.
“Continuing to throw taxpayer dollars at a failed energy agenda is tone deaf,” said Sen. Amato. “That $131 million should be used for what New Jerseyans actually need right now: rate relief. Families and small businesses are being crushed by rising energy costs due to failed energy policies coming out of Trenton while the state hoards millions that could help lower utility bills. With my plan, we’ll ensure these funds are redirected toward immediate ratepayer relief instead of being funneled into another unrealistic and costly green energy scheme. It’s time to put affordability and accountability first.”
Orsted’s failure to deliver windmills despite more than $600 million in cash subsidies for wind farms and billions more in promised tax credits resulted in them paying $125 million to benefit utility ratepayers. It’s sat unused for a year, growing to $131 million with interest.
Sen. Amato has been fighting for rate relief for New Jerseyans since energy bills began to increase. In April of this year, he called for the energy sales tax windfall to be returned to ratepayers after it was revealed that the state will see a nearly $156 million revenue windfall because of a 20% increase in electricity bills.