Connect with us

New Jersey

New Jersey lawmakers eye tax break for offshore wind developer Orsted

Published

on

New Jersey lawmakers eye tax break for offshore wind developer Orsted


TRENTON, N.J. — New Jersey lawmakers are considering letting Danish offshore wind developer Orsted keep tax credits that it otherwise would have to return to ratepayers.

The state Legislature was considering a bill Tuesday that would allow Orsted to keep federal tax credits to help counter what they termed lingering economic effects from the COVID-19 pandemic and elevated inflation.

The bill was to be amended at some point Tuesday, state Sen. Paul Sarlo said. But no action had been taken as of 5 p.m., and it was unclear what changes were being contemplated.

The federal 2022 Inflation Reduction Act is “designed to further spur investment in the American clean energy economy in the face of continuing macroeconomic challenges,” according to the bill, which was sponsored by Sen. Bob Smith, a Democrat from Middlesex County.

Advertisement

But the state’s Ratepayer Advocate warned against passing the bill in its current form.

“While we support offshore wind, we have significant concerns about this bill, its impact on ratepayers, especially the costs and no protections for ratepayers, and the lack of accountability by the beneficiary of this bill,” Robyn Roberts, a spokesperson for the New Jersey Division of Rate Counsel, wrote to lawmakers.

Brian Lipman, the division’s director, wrote, “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.”

Orsted has state approval for two offshore wind projects off the southern coast of New Jersey.

In a statement to The Associated Press, Orsted supported the proposed bill.

Advertisement

“Without this legislation, the value of the new federal tax credits would be passed back to ratepayers,” said company spokesperson Stephanie Francoeur.

Orsted estimates the value of the credit would be 20 cents per month, or $2.40 per year per ratepayer, but did not estimate the company’s total anticipated benefit.

“The offshore wind industry has already taken root in New Jersey, supporting the growth and the creation of new, family-sustaining jobs and economic investment,” Francoeur said. “In a fiercely competitive regional economy, the federal tax credits put New Jersey on a level playing field with other states already benefitting from offshore wind, incentivizing the development of a major clean energy project and domestic supply chain as intended by Congress.”

Earlier this month, a think tank established by former state Senate President Steve Sweeney cautioned that offshore wind projects could be delayed by the rising costs of building the foundations for offshore wind turbines.

Orsted is the only company that would benefit from the bill. A third approved project, Atlantic Shores, is a joint venture between EDF Renewables North America and Shell New Energies US, but does not qualify under the state bill.

Advertisement

The bill would require Orsted to file an affidavit affirming that it will proceed with construction, a schedule by which the company will make all its investments in wind energy facilities, a pledge to post a performance security bond for investments in qualified wind energy facilities, and a pledge to post a bond for the project itself.



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

New Jersey

New Jersey’s Freehold Raceway closes after 170 years

Published

on

New Jersey’s Freehold Raceway closes after 170 years


New Jersey’s Freehold Raceway closes after 170 years – CBS New York

Watch CBS News


Freehold Raceway, the oldest horse racing track in the country, is now closed after 170 years.

Advertisement

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Source link

Advertisement
Continue Reading

New Jersey

Colorado’s LaJohntay Wester earns new jersey number for Alamo Bowl

Published

on

Colorado’s LaJohntay Wester earns new jersey number for Alamo Bowl


Deion Sanders’ arrival at Colorado has redefined the culture and expectations of the football program. Known as Coach Prime, Sanders has consistently emphasized discipline, accountability, and hard work as the pillars of success. His leadership style, rooted in old-school values, has sparked a transformation that goes beyond the field, impacting the players’ lives academically and personally.

From the moment Sanders stepped onto campus, he made it clear that nothing would be handed out—everything had to be earned. His declaration that “everything on the football field, including jerseys, is earned” set the tone for a rigorous yet rewarding environment. Players were challenged to prove their worth through dedication to the playbook, consistent performance, and unwavering effort. This ethos aligns with Sanders’ belief that self-discipline and integrity are essential for personal growth and success.

One of the most striking examples of Sanders’ philosophy in action is the case of wide receiver LaJohntay Wester. Wester transferred to Colorado from Florida Atlantic University, where he earned accolades such as First-Team All-Conference and Special Teams Player of the Year in the American Athletic Conference. At FAU, Wester wore the prestigious No. 1 jersey, a number that symbolized excellence and leadership. However, under Sanders’ regime at Colorado, Wester’s past achievements were not enough to automatically secure the No. 1 jersey.

Initially, Wester was assigned the No. 10 jersey, a reflection of his academic struggles rather than his on-field abilities. Despite his impressive track record, Sanders demanded that Wester demonstrate growth and commitment off the field before earning the coveted number. This decision underscored the program’s emphasis on holistic development, highlighting the importance of balancing athletic prowess with academic responsibility.

Advertisement

Wester responded to the challenge with the resilience and determination that Sanders seeks in his players. He became a standout performer during the season, finishing with 70 receptions, 880 yards, and 10 touchdowns—career highs that positioned him as one of Colorado’s most reliable offensive weapons. His connection with quarterback Shedeur Sanders flourished, making him a crucial part of the Buffs’ offense. Wester’s on-field achievements, however, were only part of the equation.

Recognizing that success extends beyond football, Sanders places a significant focus on academics. He frequently reminds his players that only a small percentage will make it to the NFL, making education a vital component of their future success. Sanders enforces mandatory study sessions, encourages front-row participation in class, and personally addresses behavioral issues that arise in academic settings. This comprehensive approach reflects his commitment to shaping well-rounded individuals.

What Colorado’s Deion Sanders and BYU’s Kalani Sitake said at Alamo Bowl presser

Wester took these lessons to heart, dedicating himself to improving his academic standing. His efforts paid off, as he completed the semester with all A’s and B’s, demonstrating his ability to excel in both arenas. In recognition of his perseverance and growth, Sanders awarded Wester the No. 1 jersey ahead of the Alamo Bowl, accompanied by the letter “L” for leader. This symbolic gesture not only acknowledged Wester’s athletic contributions but also celebrated his evolution into a role model within the program.

Jaylen Wester says his brother brings a “dog mentality” for Coach Prime and Colorado

Advertisement

Sanders’ leadership at Colorado represents more than just wins and losses. It embodies a cultural shift where hard work, accountability, and personal development take precedence. Through his mentorship, Sanders continues to shape young athletes into leaders, instilling values that will serve them long after their playing days are over. Wester’s journey serves as a testament to the transformative power of Sanders’ approach, reinforcing the notion that greatness is not given—it is earned.

Wester’s final game with Colorado comes in Saturday’s Alamo Bowl at 7:30 p.m. ET on ABC.



Source link

Continue Reading

New Jersey

NJ will commemorate these anniversaries in 2025. Here are some fun facts about our history

Published

on

NJ will commemorate these anniversaries in 2025. Here are some fun facts about our history



1-minute read

New Jersey will mark some significant anniversaries in 2025, as you might expect from one of the original 13 colonies in advance of the nation’s 250th anniversary in 2026.

While the anniversaries listed below are centuries old, there are certainly many other days worthy of commemoration in New Jersey in 2025.

Advertisement

The bullet points are a quick and easy way to learn some fun facts about New Jersey’s history.

Enjoy!

  • 1775: First Provincial Congress of New Jersey — The First Provincial Congress of New Jersey convened in Trenton in 1775 to establish Colonial governance amid revolutionary unrest. Delegates replaced the royal governor, authorized the issuance of paper currency to support militia efforts and enforced fines on those refusing military service shortly after the American Revolution kicked off. This assembly marked New Jersey’s initial steps toward independence, shaping its role in the war and laying the groundwork for state governance.

  • 1825: Queen’s College renamed Rutgers College — Rutgers was one of the nation’s first higher-education institutions. Founded in 1766, when the Colonies were on better terms with England, it was originally named for Great Britain’s queen. Now the state university of New Jersey, the school was given a new name in 1825 to honor Revolutionary War hero and benefactor Col. Henry Rutgers. The colonel donated a college bell and $5,000, saving the institution from financial hardship and setting it on a course to become a major public research university.
  • 1875: Prudential Friendly Society founded — In 1875, John Fairfield Dryden founded the Prudential Friendly Society in Newark, pioneering life insurance accessibility for the working class. Dryden’s was the first U.S. company to offer industrial life insurance, which provided small policies with affordable premiums to the working class. The company’s “insurance for the people” philosophy became a cornerstone of its success. Prudential later evolved into a major global financial services provider, but its Newark roots and famed headquarters remain central to its legacy.
  • 1875: State constitution amended — Also in 1875, New Jersey amended its 1844 constitution to reflect post-Civil War changes. The change was made to align with the federal 14th and 15th amendments and ensure equal protection and voting rights. The amendment, however, also mandated the establishment of a “thorough and efficient” system of free public schools, cementing the state’s commitment to universal education, yet leaving much up to interpretation. The adjectives nonetheless stuck when the state constitution was rewritten in 1947.
  • 1925: Mary Teresa Norton takes office — Mary Teresa Norton in March 1925 became the first woman to represent New Jersey or any state in the Northeast in the U.S. House of Representatives. Representing North Jersey’s 13th District, she was a trailblazer in labor rights, social welfare and women’s issues. Norton, who served until 1951, chaired key committees, including the House Labor Committee. She also played a vital role in shaping the Fair Labor Standards Act. Her historic tenure set a precedent for women’s leadership in American politics.

More about 2025 in New Jersey



Source link

Advertisement
Continue Reading
Advertisement

Trending