-Defines "qualified offshore wind project" as a wind turbine electricity generation facility in the Atlantic Ocean connected to the electric transmission system in the state (Sec. 1).
-Defines "offshore wind renewable energy certificate," or OREC, as a certificate, issued by the board, representing the environmental attributes of a megawatt hour of electric generation from a qualified offshore wind project (Sec. 1).
-Requires the Board of Public Utilities to establish an OREC program requiring that a percentage of the kilowatt hours sold in New Jersey by each electric power supplier and each basic generation service provider derive from offshore wind energy within 180 days after the enactment date (Sec. 2).
-Specifies that the intention of the OREC program is to generate 1,100 megawatts of electricity (Sec. 2).
-Requires that any entity seeking to create an offshore wind plant submit an application to the board with information about the proposal, including the projected revenue from the sale of ORECs, renewable energy certificates, air emission credits or offsets, or any tradable environmental attributes created by the project (Sec. 3).
-Specifies that offshore renewable energy certificates will be paid on the actual electrical output of the project that is delivered into the transmission system of the state (Sec. 3).
-Authorizes the New Jersey Economic Development Authority to provide financial assistance to manufacturers of equipment associated with qualified offshore wind projects (Sec. 5).
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.