New Jersey § 48:3-87

§ 48:3-87.

As used in P.L.2023, c. 99 ( C.48:3-87.2a et seq. ): “ Affiliated New Jersey offshore wind project ” means any qualified offshore wind project awarded prior to the effective date of P.L.2023, c. 99 ( C.48:3-87.2a et seq. ) with at least 10 percent common upstream ownership as another qualified offshore

wind project. “ Board ” means the New Jersey Board of Public Utilities or any successor agency. “ Enhanced area ” means the same as that term is defined in section 69 of P.L.2020, c. 156 ( C.34:1B-337 ). “ Incremental federal tax benefit ” means a federal tax benefit that was established or increased after a project was

approved by the board as a qualified offshore wind project and thus was not estimated

in the project's original financial analysis and not included in the calculation of

the OREC price submitted to the board. “ Offshore wind renewable energy certificate ” or “ OREC ” means a certificate, issued by the board or its designee, representing the environmental

attributes of one megawatt hour of electric generation from a qualified offshore wind

project. “ Qualified offshore wind project ” or “ project ” means a wind turbine electricity generation facility in the Atlantic Ocean in the

Bureau of Ocean Energy Management Lease Area OCS-A 0498, awarded by the board prior

to July 1, 2019, and connected to the electric transmission system in this State,

and includes the associated transmission-related interconnection facilities and equipment,

and approved by the board pursuant to section 3 of P.L.2010, c. 57 ( C.48:3-87.1 ). “ Qualified wind energy facility ” means the same as that term is defined in section 6 of P.L.2010, c. 57 ( C.34:1B-209.4 ).