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NJ S3667
NJ S3667Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.
summary
Introduced
02/24/2026
02/24/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 mandates that any unspent, uncommitted, or unused funds that the State receives from a settlement agreement with Orsted, a company involved in offshore wind projects, will be transferred to the New Jersey Board of Public Utilities (BPU). The BPU, which is the state agency responsible for regulating public utilities, is then required to use these funds to provide financial relief to customers of electric public utilities, meaning companies that supply electricity. The specific details of how and when this ratepayer relief will be provided will be determined by the BPU through its official rulemaking process, ensuring a structured and transparent approach to distributing these funds to benefit electricity consumers.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 02/24/2026)
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/2026/S3667 |
| BillText | https://pub.njleg.gov/Bills/2026/S4000/3667_I1.HTM |
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