On the heels of signing its $47 million grant from the U.S. Department of Energy (DOE), Fishermen's Energy says it has scored a big win in its three-year fight to gain approval from the New Jersey Board of Public Utilities (BPU) to build a demonstration offshore wind project off the coast of Atlantic City.
In light of the DOE grant, the Superior Court of New Jersey, Appellate Division, has ruled in favor of Fishermen's on a motion filed to require the BPU to reconsider the developer's application for the 25 MW project. The BPU's approval would allow Fishermen's to use New Jersey's offshore renewable energy certificates – as part of the Offshore Wind Economic Development Act – to support the financing and construction of its demonstration project.
The BPU denied the project application in March, claiming that the alleged energy price of $263/MWh was too high; however, Fishermen's has maintained that its actual proposed price was $199.17/MWh.
"August 19th marks the fourth anniversary of the signing of the Offshore Wind Economic Development Act, and thanks to the intervention of an independent judiciary, we hopefully will finally see this bipartisan legislation implemented," says Paul Gallagher, Fishermen's COO and general counsel.
Mike Stein of Pashman Stein, litigation counsel to Fishermen's, adds, "We are gratified by the court's decision to remand the matter back to the BPU for further consideration. We believe that the record, as now supplemented clearly and unambiguously, supports Fishermen's position, and we fully expect that the BPU will now grant its application.’