The New Jersey Board of Public Utilities (BPU) has again rejected Fishermen's Energy's 25 MW offshore wind demonstration project, proposed off the coast of Atlantic City.
In March, the New Jersey regulators denied the developer's application and ruled that the project would be too costly and risky for state ratepayers. Fishermen's Energy has been trying to use offshore renewable energy certificates under New Jersey's Offshore Wind Economic Development Act to help support the project. The BPU claimed that the project's OREC price would be $263/MWh, while Fishermen's has maintained that its actual proposed price was $199.17/MWh.
In August, a New Jersey court ordered the BPU to reconsider the Fishermen's application after the developer won a $47 million follow-up grant from the U.S. Department of Energy (DOE).
Nonetheless, on Nov. 21, the BPU unanimously stood by its original decision. The board ruled that the developer's proposed OREC price still depends too heavily on whether Fishermen's receives the full DOE grant and other federal subsidies. The ruling also said the project "does not provide a net economic and environmental benefit to New Jersey ratepayers" and "did not demonstrate financial integrity."
Fishermen's Energy admits that the BPU's latest ruling "was not fully unexpected." In a company statement, the developer says it plans to move forward with an appeal and has asked the New Jersey appellate court for an expedited schedule.
"With our power price now a full 25 percent less than the price the BPU claimed was too high, we are confident that we will win the appeal and eventually build this project, bringing hundreds of jobs, investment and other benefits to New Jersey," says Fishermen's Energy.
"Fishermen's, as it has during the three-year review of their submission, welcomes the opportunity to discuss any remaining issues with the BPU," the company adds.
