Phil murphy says offshore wind 'at risk of failure' without federal assistance

TRENTON, NJ – Six northeastern state governors, including New Jersey Governor Phil Murphy, are petitioning the Biden Administration for federal support to prevent wind energy projects from stalling due to bureaucratic hurdles and financial woes.

“Absent intervention, these near-term projects are increasingly at risk of failing. Without federal action, offshore wind deployment in the U.S. is at serious risk of stalling because States’ ratepayers may be unable to absorb these significant new costs alone,” Murphy said.

The collective appeal, expressed in a letter to President Biden, requests more federal tax credits, revenue-sharing opportunities, and streamlined permit approval processes. New Jersey Governor Phil Murphy was joined in this initiative by governors from New York, Connecticut, Maryland, Massachusetts, and Rhode Island.

The letter comes at a time when stock prices for 0rsted, the Danish company building an offshore wind farm near the Jersey Shore, have sharply declined. Shares in the company have fallen from $63 in 2021 to a near-record low of $18.83 last Friday.

The governors emphasized the importance of multiple factors for the successful development of offshore wind projects. These include federal permitting procedures, state coordination, marine resource impacts, and the availability of high-voltage power infrastructure. Their joint statement aims to foster collaboration across state lines to tackle these challenges and align project timelines to meet each state’s clean energy goals.

Furthermore, the letter underscored the economic and environmental benefits of expanding the offshore wind industry. The governors thanked the Biden Administration for its recent efforts in enhancing port infrastructure, research and development, and natural resource mitigation, while also offering recommendations to sustain the momentum generated by these initiatives.

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