Senate Republican Leader Anthony M. Bucco has renewed his call to halt Governor Phil Murphy’s energy master plan. The plea comes after Orsted, a key player in New Jersey’s offshore wind initiative, announced a delay in its projects until 2026.
Bucco argues that Orsted’s announcement underscores the risks and costs associated with the state’s current energy policies. He cites both environmental concerns and the financial burden on taxpayers as key issues.
In a statement, Bucco said, “Orsted’s recent announcement makes it abundantly clear that the offshore wind projects were rushed. Governor Murphy showed no concern about the environmental or practical costs. This is another red flag that the plan is misguided, and taxpayers will pay the price.”
Bucco suggests that legislators need to reevaluate the plan’s feasibility and its impact on New Jersey utility customers. He calls for a return to Trenton for further oversight to prevent additional costs to taxpayers.
Orsted, the Danish company seeking to build a massive wind farm off the coast of New Jersey has been dealt multiple financial blows this week. After the company’s stock tumbled more than 25% this week, the company came back to the table seeking more taxpayer handouts to complete the job.
On Wednesday, the company announced a delay in the construction of its first offshore wind farm in New Jersey. The project, originally slated for completion prior to 2026, faces setbacks due to supply chain issues, increasing interest rates, and insufficient federal tax credits.