New Jersey BPU Probes OREC Funding Mechanism Rulemaking Process

The New Jersey Board of Public Utilities (NJBPU) has held a public hearing regarding the Offshore Wind Renewable Energy Certificate (OREC) funding mechanism rulemaking straw proposal.

The purpose of this public hearing and proposal was to solicit feedback from the public and stakeholders as part of the rulemaking process for offshore wind implementation.

“The NJBPU continues to make progress in implementing Governor Murphy’s Executive Order 8,” said NJBPU President Joseph L. Fiordaliso.

“I look forward to continuing these efforts and to working with BPU staff and the Governor to bring the benefits of offshore wind to New Jersey.”

The input from the public was specifically limited to the OREC funding mechanism rulemaking. Board staff received thoughts and ideas from interested parties regarding issues that could be included in the rules to ensure that the funding to support offshore wind are implemented in the most appropriate way.

In January 2018, Governor Phil Murphy signed Executive Order No. 8 (EO8) directing the NJBPU, in collaboration with other state agencies, to fully implement the Offshore Wind Economic Development Act (OWEDA).

The NJBPU board has since then directed board staff to begin the OREC funding mechanism rulemaking process.

Board staff will take the information gathered at today’s public hearing and incorporate it into the continuing rulemaking process. The rule proposal will, pursuant to law, be released for further comment prior to any formal adoption.