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NJ S4902
NJ S4902Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
summary
Introduced
12/01/2025
12/01/2025
In Committee
12/01/2025
12/01/2025
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires the State to appropriate all unexpended, unencumbered, or unobligated funds received by the State from the settlement agreement with Orsted for certain canceled offshore wind projects to the Board of Public Utilities (board). Under the bill, the board is required to use these funds to provide ratepayer relief to electric public utility customers in a form and manner, and by a certain timeline, to be determined by the board through the rulemaking process.
AI Summary
This bill requires that all unexpended, unencumbered, or unobligated funds received by the State from a settlement agreement with Orsted (a renewable energy company) as of May 25, 2024, be appropriated to the New Jersey Board of Public Utilities (BPU). The bill defines key terms such as "electric public utility" as a utility that transmits and distributes electricity to end users in the state, and specifically identifies Orsted as Ørsted A/S and its related North American entities. The BPU will be responsible for using these funds to provide relief to electric public utility customers, and must establish through a formal rulemaking process a specific timeline and method for administering this ratepayer relief. The bill aims to ensure that funds from a canceled offshore wind project settlement are directly returned to benefit utility customers, with the BPU having discretion in determining the exact mechanism of relief. The legislation takes effect immediately upon enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 12/01/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S4902 |
| BillText | https://pub.njleg.gov/Bills/2024/S5000/4902_I1.HTM |
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