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Bill > A6226
NJ A6226
NJ A6226Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
summary
Introduced
12/08/2025
12/08/2025
In Committee
12/08/2025
12/08/2025
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 all unspent funds from a settlement agreement with Orsted (a Danish offshore wind energy company and its related entities) to be transferred to the New Jersey Board of Public Utilities (BPU) for the purpose of providing relief to electric utility customers. The bill defines key terms such as "electric public utility" as a utility that transmits and distributes electricity to end users in New Jersey, and mandates that the BPU develop specific rules and regulations through an administrative procedure to determine how and when these funds will be used to reduce customer rates. The legislation aims to redirect funds from a canceled offshore wind project settlement into direct financial relief for ratepayers, with the BPU having the discretion to design the most appropriate method of providing this relief. The act is set to take effect immediately upon enactment, ensuring prompt implementation of the fund reallocation.
Committee Categories
Transportation and Infrastructure
Sponsors (2)
Last Action
Introduced, Referred to Assembly Telecommunications and Utilities Committee (on 12/08/2025)
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/A6226 |
| BillText | https://pub.njleg.gov/Bills/2024/A6500/6226_I1.HTM |
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