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Offshore wind developers propose financing mechanism without revealing costs to consumers
Offshore wind developers yesterday presented a proposal to set up a mechanism for financing up to 1,100 megawatts of wind farms off the Jersey coast, but the proposal raised more questions than it answered among state regulatory officials.
The proposal, a consensus mechanism agreed upon by several offshore wind developers, suggests a framework for how the New Jersey Board of Public Utilities (BPU) could award ratepayer-subsidized credits to the wind farms for the electricity they generate. That would guarantee the projects a steady stream of funding that should convince banks to invest in the clean energy technology. (Johnson, NJ Spotlight)