Matt Trapani

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Jan 23, 2024, 6:01 PM

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Updated

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A special meeting will be held in Trenton on Wednesday to discuss the fate of offshore wind in New Jersey.

The Board of Public Utilities is considering new proposals after energy company Orsted bailed on two projects. The company cited cost and interest rates as the reason. It was not clear if any bids would go out during the meeting.

Orsted was awarded the project before the COVID-19 pandemic. But since that time, steel and interest rates have jumped, leaving the Murphy administration’s clean energy goals in flux.

"These new projects like the one BPU is evaluating right now, or the ones New York recently announced - they are more resilient. Offshore wind represents tens of thousands of new jobs,” Timm Sullivan, CEO of the New Jersey Economic Development Authority, told News 12. “If you care about the future of South Jersey and the economy, you should care about offshore wind."

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