Tax break for offshore wind energy developer Orsted narrowly approved in New Jersey Legislature

By WAYNE PARRY
Associated Press

TRENTON, N.J. (AP) — A bill to let Danish offshore wind energy developer Orsted keep tax credits that it otherwise would have to return to New Jersey ratepayers was approved by the slimmest of margins in the state Legislature Friday afternoon. It now goes to the desk of Gov. Phil Murphy, a strong supporter of offshore wind energy. The measure initially failed to gather enough support in the state Senate but won one additional vote in a subsequent try — just enough to pass it. Lawmakers say the bill is designed to help counter what they termed lingering economic effects from the COVID-19 pandemic and elevated inflation on the developer. The bill applies to Orsted’s first project in New Jersey, Ocean Wind I, which aims to generate enough electricity to power 500,000 homes.