- within Intellectual Property, Corporate/Commercial Law and Finance and Banking topic(s)
- in United Kingdom
- with readers working within the Aerospace & Defence, Banking & Credit and Business & Consumer Services industries
Last month, the New Jersey Board of Public Utilities (NJBPU) made history when it awarded a combined 2,658 MW of offshore wind capacity to two wind energy companies. This award was the largest collective MW award in the United States to date, and it raised New Jersey's total planned capacity to over 3,700 MW. This award is a significant step toward reaching Governor Phil Murphy's goal of 7,500 MW of offshore wind by 2035 and 100 percent clean energy by 2050.
In May 2018, Governor Murphy signed Executive Order No. 28, which directed the NJBPU, in partnership with other state agencies, to develop this statewide clean energy plan and shift away from energy production that contributes to climate change. In the ensuing months, the NJBPU led a series of meetings with stakeholders throughout New Jersey to gather input on the plan.
These meetings culminated in the release of the State of New Jersey's Energy Master Plan in January 2020 (the "Plan"). The Plan contained seven strategies to achieve the goal of 100 percent clean energy by 2050. The seven strategies are:
- Reducing Energy Consumption and Emissions from the Transportation Sector
- Accelerating Deployment of Renewable Energy and Distributed Energy Resource
- Maximizing Energy Efficiency and Conservation and Reducing Peak Demand
- Reducing Energy Consumption and Emissions from the Building Sector
- Decarbonizing and Modernizing New Jersey's Energy System
- Supporting Community Energy Planning and Action in Underserved Communities
- Expanding the Clean Energy Innovation Economy
In addition to the progress with wind energy, New Jersey is aggressively moving forward to encourage growth in solar projects throughout the state. During his testimony before the Assembly Budget Committee, NJBPU President Joseph L. Fiordaliso touted New Jersey's more than 134,000 solar installations, making the Garden State the #1 state for installed solar per square mile.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
