Trenton, NJ – Senator Carmen Amato is calling on state leaders to redirect more than $131 million left over from the failed Orsted offshore wind project to provide rate relief for New Jersey residents facing rising energy costs.
Amato announced Friday he will introduce legislation requiring the unused funds to be immediately distributed to offset household and small business utility bills.
The Republican senator said taxpayers should not be forced to subsidize what he called “a failed energy agenda.”
Key Points
- Senator Amato to propose using $131 million in Orsted funds for ratepayer relief
- Funds stem from offshore wind project that collapsed two years ago
- Amato says high energy costs demand “affordability and accountability first”
Orsted’s withdrawal leaves millions unused
The Danish energy company Orsted abandoned its New Jersey offshore wind project two years ago after receiving over $600 million in subsidies and billions more in promised tax credits. As part of the settlement, Orsted paid $125 million to benefit utility ratepayers, a sum that has since grown with interest to $131 million. The money remains in state accounts, unused.
Amato presses for immediate action
“Continuing to throw taxpayer dollars at a failed energy agenda is tone deaf,” Amato said. “That $131 million should be used for what New Jerseyans actually need right now: rate relief.” He argued that redirecting the funds would directly assist families and small businesses burdened by high utility bills caused by rising energy costs and state energy policies.
Longtime advocate for ratepayer relief
Amato, who represents New Jersey’s 9th Legislative District, has repeatedly pressed for financial relief for residents facing escalating power bills. Earlier this year, he urged the state to return a $156 million energy sales tax windfall to ratepayers after reports of a 20% spike in electricity costs.
Legislative proposal forthcoming
Amato said he plans to introduce the bill when the Legislature reconvenes, emphasizing that the funds should go to New Jerseyans rather than toward future renewable projects. “It’s time to put affordability and accountability first,” he said.
