NJ lawmakers narrowly pass bill with millions in wind power tax breaks

 New Jersey legislators barely approved a bill Friday that handed millions of dollars in tax breaks to a foreign-based offshore wind power company — a move Republicans, commercial fishermen and activists have all opposed for its generous subsidies and potentially harmful environmental consequences.

The legislation allows Orsted, a Danish wind turbine producer, to use federal tax credits for its Ocean Wind 1 building project near Atlantic City, which is expected to power more than 500,000 households, according to reports.

Orsted must place a $200 million guarantee into state coffers, which will accrue $2.40 annually for every New Jersey ratepayer.

That could put Orsted’s cumulative tax credits as high as $1 billion, according to state Sen. Ed Durr (R-Gloucester).

Wind turbines in Atlantic City, N.J. May that cables running offshore to power the turbines were “a dire threat” to several fish species vital to the business.

Republicans had called for a 60-day pause on the wind projects to study the whale death phenomenon, but say they were ignored.

With Post wires

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