Senator Michael Testa responded to Governor Murphy’s signing of legislation that provides a massive bailout to a foreign wind company at the expense of New Jersey utility customers.
Sen. Michael Testa responded to Gov. Murphy’s signing of legislation that provides a massive bailout to a foreign wind company at the expense of New Jersey utility customers. (Pixabay)
“Democrats like Governor Murphy who often complain about corporate welfare had absolutely no problem giving $1 billion to a foreign wind farm developer at the expense of New Jersey ratepayers,” said Testa (R-1). “Other wind farm developers are already lining up at the trough of big government begging for their own bailouts, which Governor Murphy is likely to give them. It’s more proof that wind power doesn’t make economic sense without massive government subsidies.”
The governor signed S-4019/A-5651 today, which redirects $1 billion of federal tax incentives associated with the Ocean Wind 1 offshore wind project from ratepayers to Orsted, a Danish wind farm developer.
When Ocean Wind 1 was approved, Orsted agreed to apply for and return to ratepayers any tax incentives that might become available to offset the higher bills electric customers are already paying for the development of offshore wind energy.
Orsted convinced Governor Murphy and Trenton Democrats they would walk away from the project before a single wind turbine was built if they didn’t get to keep the $1 billion tax incentive recently made available by the Inflation Reduction Act, which they had previously promised to return to ratepayers.
Testa warned that this is a sign of things to come as Governor Murphy rushes to enact his expensive green energy agenda, which some have estimated could cost $1.4 trillion to implement.
“Governor Murphy is showing us that he’s willing to impose his extreme green energy plan without any concern for the cost,” Testa added. “He doesn’t realize that most New Jersey families live in the real world where cost matters. They can’t afford wind energy if it’s going to keep driving their electric bills higher. It’s no surprise that people are waking up and starting to push back.”