Fishermen’s Energy Urges Governor Christie to Sign S988

Fishermen’s Energy has asked New Jersey Governor Chris Christie to sign the bill S988, and thus open the way for job creation in the offshore wind industry. 

Ten days ago, the bill, which requires New Jersey Board of Public Utilities (BPU) to provide new application periods for qualified wind energy projects, passed the state’s Senate.

However, the biggest stumbling block seems to be the requirement that the bill needs to be signed by the Governor, who already dismissed the bill S2711, a very similar legislative proposal. Governor Christie considers offshore wind economically non-viable, according to Fishermen’s Energy’s letter sent to Christie on March 23.

New Jersey BPU, which rejected the project a couple of times, also cited economic non-viability as a reason behind its decision. 

Fishermen’s Energy pointed out that the prices of offshore wind have almost halved in the last five years, and its proposed 25MW offshore wind project would sell Renewable Energy Certificates (RECs) at a price that is one third less that the current New Jersey solar REC prices.

“The proposed Atlantic City offshore wind demonstration project can now sell its power for 30% less than contemplated two years ago, thanks to substantial Federal funding and incorporation of the best of European and American know-how,” the company said in the letter, signed by the CEO Chris Wissemann.

However, the federal funding is due to expire later this year.

“Time is of essence to create more than 400 local jobs associated with this project,” Fishermen’s Energy emphasised, further adding that the project is “shovel-ready”, but is waiting for the approval by the New Jersey BPU.

“We think it is in New Jersey’s best interest to get the facts on the table and allow the BPU to make an informed decision. Please approve S988,” the company urged.

Fishermen’s Energy modified its project proposal after the BPU had rejected it. The $200 million project would comprise 6 Siemens 4MW turbines and would use traditional sources of project financing.