20 Sep '13, 6pm

New Jersey Offshore Wind Proposal Still Seeks Answers

New Jersey Offshore Wind Proposal Still Seeks Answers

This summer Fishermen's Energy officially submitted its offshore wind proposal, the Fishermen's Atlantic City Windfarm (FACW), to the New Jersey Board of Public Utilities (BPU) after lengthy back-and-forth and a number of compromises with the State of New Jersey's Division of Rate Counsel, particularly in lowering the prices by around 40 percent. Last month, however, the BPU rejected the proposal detailing a number of concerns about establishing a ~$19 million risk backstop, lack of clarity in escrow, and a lack of clarity and confidence in the evaluation of turbine technologies and suppliers. Rate Counsel responded that the newest FACW proposal strikes a balance between ratepayers' needs and the project's attractiveness to future private investment: "The provisions of the Stipulation adhere to the statute's language and intent, while taking into account the real-world req...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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