• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Offshore wind opponents sue turbine company, state of New Jersey over tax break
Economy

Offshore wind opponents sue turbine company, state of New Jersey over tax break

by July 29, 2023
by July 29, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Opponents of offshore wind development in New Jersey are suing the state, as well as Danish energy developer Orsted.The suit claims a tax break granted to the company by state law is illegal, as it only benefits a single entity.‘The Legislature’s giveaway of federal tax credits to Orsted benefits a single company in violation of the New Jersey Constitution,’ said Bruce Afran, a lawyer representing two groups of plaintiffs. ‘In New Jersey, laws that favor a single private party are generally unconstitutional.’

Opponents of offshore wind projects are suing New Jersey and the Danish wind energy developer Orsted over a lucrative tax break the state approved for the company, saying it is illegal because the law was written to benefit only one entity.

The lawsuit was filed Thursday by two residents’ groups that are opposed to offshore wind projects and three electricity customers from Ocean City who seek to overturn the law. They say it gives Orsted about $1 billion in tax relief for one of the two windmill projects it plans to build off the state’s southern coast.

The state Legislature passed a bill allowing Orsted to keep federal tax credits that it was obligated to pass along to ratepayers. In applying for permission to build the project, called Ocean Wind I, Orsted had promised to return such credits to customers.

Lawmakers who narrowly approved the bill said the aid was needed to help Orsted deal with inflation and the lingering effects of the COVID-19 pandemic.

‘If we don’t figure out a solution, this doesn’t get done in New Jersey,’ Democratic Gov. Phil Murphy said after signing the bill on July 6. ‘Either we get this bill done and the industry thrives here, and the jobs that are associated with it, or it goes somewhere else.’

Bruce Afran, a lawyer representing two groups who brought the lawsuit — Protect Our Coast NJ and Defend Brigantine Beach — said the state is not permitted to enact laws that benefit only one party.

‘The Legislature’s giveaway of federal tax credits to Orsted benefits a single company in violation of the New Jersey Constitution,’ he said. ‘In New Jersey, laws that favor a single private party are generally unconstitutional.’

The governor’s office and Orsted both declined comment Friday on the lawsuit, which was filed in state Superior Court in Mercer County.

Almost immediately after the tax break for Orsted was approved, another company that also has approval for an offshore wind project in New Jersey said it, too, wants a tax break.

Atlantic Shores said it wants government assistance to build its own wind farm off the southern New Jersey coast, warning that the project is ‘at risk’ without additional financial assistance from the government.

Murphy said he is ‘open-minded’ toward the Atlantic Shores’ request. Atlantic Shores is a joint partnership between Shell New Energies US LLC and EDF-RE Offshore Development LLC.

In a letter to lawmakers before the bill was approved, a state office representing the interests of utility customers said the bill would boost Orsted’s profits ‘and will result in higher prices being paid by ratepayers.’

<!–>

This post appeared first on FOX NEWS

–>

You Might Also Like
  • Antisemitic incidents across Europe, Canada hit record levels 5 months after Hamas massacre of Israelis
  • Bitcoin loses bullish momentum on Monday and drops again
  • Deaf Michigan man appears to win Supreme Court’s sympathy as arguments begin
  • Trial underway for Kansas man who threatened congressman, claimed to be ‘Messiah’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Biden finally speaks out on granddaughter he refused to acknowledge for years
next post
Biden faces potential new challenge from fellow Democrat in 2024 presidential race

You may also like

Biden Energy Secretary Granholm pressed on talks with top CCP...

August 8, 2023

Biden admin accuses Israeli military of human rights violations in...

April 30, 2024

Chicago Pro-Palestinian groups reject White House requests to meet before...

March 16, 2024

Schiff spars with Hur in heated exchange over report that...

March 13, 2024

Putin thanks Kim Jong Un for supporting Russian invasion of...

June 19, 2024

RNC Chair Ronna McDaniel to resign after Super Tuesday

February 26, 2024

Gov Newsom says ‘everybody’s…jumping over each other’ to campaign for...

August 20, 2024

Biden says he’ll visit East Palestine – but won’t say...

March 3, 2023

New Mexico lawmakers propose bill to chemically castrate pedophiles as...

January 26, 2023

McDonald’s Stock Drops 5% After An E. Coli Outbreak

October 24, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The NASDAQ 100, On The Brink Of A Breakout, Needs Help From This Group

      June 21, 2025
    • Tesla agrees to first deal to build China’s largest grid-scale battery power plant

      June 21, 2025
    • Oil prices rise more than 1% as Israel vows to intensify attacks on Iran

      June 20, 2025
    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

      June 20, 2025
    • Apple looking to make ‘premium’-priced folding iPhones starting next year, analyst says

      June 20, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,599 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,875 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,578 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,541 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,417 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,143)
    • Investing (538)
    • Stock (2,622)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The NASDAQ 100, On The Brink Of A Breakout, Needs...

      June 21, 2025
    • Tesla agrees to first deal to build China’s largest grid-scale...

      June 21, 2025
    • Oil prices rise more than 1% as Israel vows to...

      June 20, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,143)
    • Investing (538)
    • Stock (2,622)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Stefanik takes aim at ‘unacceptable’ Blinken...

    July 15, 2023

    Iran appears to have struck ship...

    December 24, 2023

    Texas historical society dispute could shape...

    May 11, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here