Stop Governor Murphy’s plan to bail out foreign offshore wind corporation with billions of taxpayer dollars
Even Governor Murphy’s own Division of Rate Counsel says bill will result in higher prices for NJ ratepayers
Citing Governor Phil Murphy’s own Division of Rate Counsel, Rep. Chris Smith (R-Manchester) today issued the following statement urging the New Jersey Legislature to reject legislation—A-5651 and S-4019—backed by the Governor that will redirect US federal tax credits to the Danish offshore wind company Orsted:
“The hardworking people of New Jersey deserve better than Trenton’s plan to bail out foreign offshore wind corporation Orsted and give away billions of federal tax credits intended for ratepayers.
It is abundantly clear that New Jersey’s massive industrialized offshore wind projects will not only have tremendous environmental, navigational, economic and national security implications, but also require an endless stream of US taxpayer subsidies to try to keep these foreign-run projects afloat.
Adding insult to injury, this New Jersey state legislation will force residents—who are already being crushed by an unfair tax burden and an exorbitant cost of living due to high inflation—to pay more for their electric bills.
Even Governor Murphy’s own Division of Rate Counsel admitted, ‘There should be no doubt that this bill will increase the amount the developer earns on this project and will result in higher…prices being paid by ratepayers. That is the inevitable result of this bill.’
In the name of sound governance and responsible stewardship of taxpayer dollars, New Jersey state legislators must reject A-5651 and S-4019.”