bail outs already ?
the staff of the Ridgewood blog
Toms River NJ, citing Governor Phil Murphy’s own Division of Rate Council, Rep. Chris Smith (R-Manchester) today issued the following statement urging the New Jersey Legislature to reject legislation—A-5651 and S-4019—backed by the Governor that will redirect US federal tax credits to the Danish offshore wind company Orsted:
“The bill (A5651) will allow Orsted to keep millions in federal tax credits instead of returning them to utility customers who are forced to pay higher electric bills to support the development of offshore wind. The state’s utility consumer advocate, the Division of Rate Counsel, warned the legislation would increase earnings for Orsted while increasing ratepayer costs.”
Former NJ Sierra Club Director Jeff Tittel said, “The Orsted bailout bill is a for-big-profits giant waste of money,”
Rep. Chris Smith (R-Manchester) ,“The hardworking people of New Jersey deserve better than Trenton’s plan to bail out foreign offshore wind corporation Orsted and give away billions of federal tax credits intended for ratepayers.
The scheme is to transfer hundreds of millions of dollars in tax incentives away from ratepayers and into the pockets of a foreign corporation . It amounts to a regressive tax on hard working New Jerseyans all over the state who will have higher electric bills as a result. It also enables the despoiling of our Atlantic Coast, threatens our tourism and fisheries industries and has pushed aside all local opposition and concerns.
Rep. Chris Smith (R-Manchester) goes on, “It is abundantly clear that New Jersey’s massive industrialized offshore wind projects will not only have tremendous environmental, navigational, economic and national security implications, but also require an endless stream of US taxpayer subsidies to try to keep these foreign-run projects afloat.
Adding insult to injury, this New Jersey state legislation will force residents—who are already being crushed by an unfair tax burden and an exorbitant cost of living due to high inflation—to pay more for their electric bills.
Even Governor Murphy’s own Division of Rate Council admitted, ‘There should be no doubt that this bill will increase the amount the developer earns on this project and will result in higher…prices being paid by ratepayers. That is the inevitable result of this bill.’
In the name of sound governance and responsible stewardship of taxpayer dollars, New Jersey state legislators must reject A-5651 and S-4019.”
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EverSource in Conn is trying to sell their portion of the agreement Orsted.
Were so stupid…
This is so stupid they are already not working in Atlantic City and can’t be repaired and now there no savings for anybody state or taxpayers