BPU Must Reconsider Offshore Wind Project

ATLANTIC CITY – On the heels of executing its $47 million agreement with the US Department of Energy (“DOE”), Fishermen’s Energy (“Fishermen’s”) 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 scale offshore wind project off the shore of Atlantic City. The Superior Court of New Jersey, Appellate Division, ruled in favor of Fishermen’s on a motion filed to require the BPU to reconsider Fishermen’s Energy Atlantic City offshore wind project. In April the BPU denied the project approval, claiming that the alleged energy price of $263 per MWH was too high. Fishermen’s had not proposed such a price.
The Appellate Court decision requires that the BPU reconsider the application in light of the $47 million DOE grant. The decision also requires the BPU to acknowledge that the Fishermen’s Energy proposed price is$199.17/MWH, not the $263/MWH price used by the Commission. Significantly, BPU consultants Boston Pacific have already acknowledged that when evaluated at the proposed price of $199.17, the project meets the net benefits test established by statute, “With documented economic benefits and a lower OREC price, even if FACW’s claimed benefits for tourism, environmental impacts, merit order effect, and lessons learned are excluded,
the Project provides net benefits of $33.4 million (net present value); The Project then meets the requirement to demonstrate net benefits to the State as required under the Act.” “This is a big win both for Fishermen’s Energy and the State of New Jersey. We proposed a great project to the BPU, one that creates hundreds of jobs for New Jersey and one that even the BPU’s consultants agree creates tens of millions in net benefits for the state – that is, when evaluated at the price we actually proposed.” Stated Chris Wissemann, Fishermen’s CEO. “It made no sense for the State to allow the BPU to chase away industry and jobs,” Wissemann continued.
“Aug. 19 marks the 4th anniversary of the signing of the Offshore Wind Economic Development Act (“OWEDA”), and thanks to the intervention of an independent judiciary, we hopefully will finally see this bipartisan legislation implemented,” stated Paul Gallagher, Fishermen’s COO and General Counsel. “New Jersey has the best offshore wind legislation in the country, the US Department of Energy has recognized Fishermen’s project as an industry leader, and it is time for the State Government to fulfill the promise of offshore wind in New Jersey and launch the investment, the jobs, and the economic development that is waiting to be unleashed, in Atlantic City and across the State” Gallagher continued.
“The Fishermen’s Energy Atlantic City Wind Farm stands to become the first grid-connected offshore wind project in the United States, making Atlantic City the birthplace of offshore wind in America and putting the Garden State at the epicenter of a new American clean-energy sector,” said U.S. Senator Robert Menendez. “In a state where we understand all too well the destructive effects of our continued reliance on fossil fuels, this wind energy project represents a new era in the fight against climate change that will also generate good-paying jobs and reinvigorate our workforce in this 21st Century global economy.”
“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,” stated Mike Stein of Pashman Stein, litigation counsel to Fishermen’s.
“Fishermen’s Energy proposed a project that met all requirements of the Offshore Wind Economic Development Act, and in fact went above and beyond the requirements to make this a project that unequivocally brought substantial net benefits to New Jersey.  If they follow the letter and spirit of the Act, the BPU now has no option but to recognize that fact,” stated Steve Pearlman of Pearlman Miranda, regulatory counsel to Fishermen’s. Fishermen’s motion to expedite Board findings was remanded to the BPU for findings on the supplemental record to be completed in 120 days, “…but Board shall make good faith effort to complete remand sooner…” wrote the Honorable Alexander P. Waugh, Jr., J.A.D., writing for the Appeals Court.
Fishermen’s, as it has during the three year review of their submission, welcomes the opportunity to discuss any remaining issues with the BPU.
About Fishermen’s Energy:
Fishermen’s Energy is a developer of offshore wind energy projects, founded by New Jersey commercial fishermen to respond to the public’s need to develop the ocean for renewable wind energy. Fishermen’s goal is to turn Atlantic coastal waters into an unmatched source of clean energy, while maintaining a vibrant commercial fishing industry. Fishermen’s Energy has partnered with experienced professionals in the renewable energy and the offshore wind business community to propose, plan, and build responsible projects to serve the public’s need for safe renewable energy. Fishermen’s Energy intends to harvest the wind and the sea, side by side, in an environmentally responsible and sustainable manner.
For more information visit: www.fishermensenergy.com