TRENTON, NJ – Senators Anthony M. Bucco and Michael Testa condemned Governor Murphy and his administration for a hasty bailout of wind energy company Orsted, alleging financial missteps and a potential $300 million loss.
State Republican leaders expressed strong disapproval of the Murphy administration’s financial backing of Orsted. They argue that the government ignored red flags indicating the program’s failure, risking a significant sum of taxpayer money.
Senator Bucco criticized the oversight and handling of the situation, suggesting the State stands to lose $300 million due to Orsted’s retraction of its previous commitment.
Orsted has reportedly retracted a compliance filing from early October, in which the company had placed $200 million in escrow, citing a lack of formal approval from the New Jersey Board of Public Utilities. The company is now poised to retain not only the initial $200 million but also an additional $100 million initially posted as a construction assurance.
Meanwhile, Governor Murphy and the Trenton Democrats maintain that taxpayer funds have not been squandered. Senator Testa highlighted the expenditure of nearly $1 billion on infrastructure and potential tax credits for Orsted, questioning the financial prudence of such investments.
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The issue continues to stir debate over the management of taxpayer dollars and the future of energy policy in New Jersey.