The Cost and Economic Impact of New Jersey’s Offshore Wind Initiative
Last August, New Jersey Governor Chris Christie signed the Offshore Wind Economic Development Act into law. The law orders the state Board of Public Utilities to develop an offshore wind energy certificate program that would support at least 1,100 megawatts of generation from qualified offshore wind projects. The project requires a cost-benefit analysis of its impact on the state’s economy and electricity ratepayers. The Beacon Hill Institute has conducted the analysis, and the findings are dismal. From 2017 to 2036, the average household ratepayer will pay $431 in higher electricity costs. And especially at a time when New Jersey is implementing bold, cost-cutting reforms so it can live within its means, the project would cost an alarming $3.245 billion, within a range of $2.106 billion and $4.137 billion.